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    Home»Bitcoin News»High volume surge propels Bitcoin price to a new all-time high at $29,000
    High volume surge propels Bitcoin price to a new all-time high at $29,000
    Bitcoin News

    High volume surge propels Bitcoin price to a new all-time high at $29,000

    December 31, 2020No Comments2 Mins Read
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    Within the last hour, Bitcoin (BTC) price rallied to set a new all-time high at $29,000. 

    On Dec. 29 Bitcoin price attempted to push through a stiff resistance cluster at $28,500 but after rallying to $28,600 the price rejected with a sharp correction to $27,300.

    High volume surge propels Bitcoin price to a new all-time high at $29,000
    Daily cryptocurrency market performance. Source: Coin360

    Today’s move to $29,000 came after a high volume surge pushed through the $28,500 resistance but the battle for $30,000 is far from over.

    Data from Material Indicators shows there are still sell walls near the $30,000 level at Binance and other major cryptocurrency exchanges.

    High volume surge propels Bitcoin price to a new all-time high at $29,000
    BTC/USD sell walls near $30,000. Source: Material Indicators

    Barring another sustained high volume surge in purchasing volume, the presence of sell walls suggests that a rally to $30,000 may trigger a strong sell-off and cause BTC price to revisit key underlying supports at $28,000 and $27,300 where the 20-day moving average currently resides on the 4-hour timeframe.

    $30,00 then moon?

    Many retail traders expect Bitcoin price to soar well above $30,000 once the psychological barrier is overcome but Nunya Bizniz, a popular trader on Twitter, points out that above $30,000 Bitcoin price begins to look a bit overextended as the 1.618 Fibonacci retracement is at $30,196.

    High volume surge propels Bitcoin price to a new all-time high at $29,000
    BTC/USD monthly chart. Source: Twitter

    Given that Bitcoin price has rallied 64.9% since the start of December, hitting the 1.618 Fib level could provide a signal that a pullback is on the cards but ultimately, volume will be the primary indicator of where the price may go.

    Currently, Bitcoin price has gained 302.6% for the year and is vastly outperforming gold and traditional markets like the Dow and S&P500. For Q4, BTC has rallied by 168.32%, securing the second-best quarterly performance since 2017 when the digital asset gained 210.13% in Q4.

    The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

    This article was originally published by Cointelegraph.com. Read the original article here.
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