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Rising Volume Drives Bitcoin Price To New All-Time High Of $ 29,000


#In the past hour, the price of #Bitcoin (BTC) surged to set a new all-time high at $ 29,000.

#On #December 29, the price of #Bitcoin tried to break out of a stiff resistance group at $ 28,500, but after rising to $ 28,600, the price was rejected with a sharp correction to $ 27,300.

#Daily performance of the cryptocurrency market. #Source: #Coin360

#Today’s move to $ 29,000 came after a large volume surge helped overcome resistance at $ 28,500, #But the battle for $ 30,000 is far from over.

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#Data from #Material #Indicators shows that there are still selling walls near the $ 30,000 level on #Binance and other major cryptocurrency exchanges.

#Sell ​​walls close to $ 30,000 for the BTC / USD pair. #Source: #Material #Indicators

#Barring another sustained high-volume increase in purchase volume, the presence of selling walls suggests that a rally to $ 30,000 may trigger a strong sell-off and cause the price of BTC to revisit the key underlying supports at $ 28,000 and $ 27,300 where the 20-day moving average in the frame currently resides. temporary 4 hours.

The $ 30,000 and then the moon?

#Many retail traders expect the price of #Bitcoin to rise well above $ 30,000 once the psychological barrier is overcome, but #We #Are #Nunya, a very popular trader on #Twitter, points out that the price of #Bitcoin above $ 30,000 is starting to look a bit exaggerated as the #Fibonacci level of 1.618% is at $ 30.196.

#Monthly chart of the BTC / USD pair. #Source: #Twitter

#Since the price of #Bitcoin has risen 64.9% since the beginning of #December, reaching the #Fibonacci level of 1.618 could provide a signal that there is a retracement within the possibilities, #But ultimately, volume will be the main indicator of where the price can go.

#At present, The price of #Bitcoin has gained 302.6% over the year and is widely outperforming gold and traditional markets like the #Dow and S & P500. #For the fourth trimester, BTC is up 168.32%, ensuring the second best quarterly performance since 2017, when the digital asset gained 210.13% in the fourth quarter.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of #Cointelegraph.com. #Each investment and commercial movement involves a risk, you must carry out your own research when making a decision.

#Keep reading:

  • #Bitcoin, stablecoins and #DeFi: the highest performing cryptoassets of 2020
  • #Price #Analysis 12/30: BTC, ETH, XRP, LTC, BCH, DOT, ADA, BNB, LINK, BSV
  • ‘#Bitcoin liquidity crisis’: #It is becoming increasingly difficult to buy BTC on crypto exchanges
  • 5 #Key #Bitcoin #Factors to #Consider #When #New #Investors #Buy BTC in 2021
  • 3 #Key #Ways #Bitcoin’s 2021 #Bull #Run #May #Differ #From 2017
  • #Bitcoin price rises at the same time as the largest weekly gold outflow in history
  • These #Blockchain technology developments in 2020 have set the stage for 2021
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[ source link ]
https://es.cointelegraph.com/news/high-volume-surge-propels-bitcoin-price-to-a-new-all-time-high-at-29-000

##Rising ##Volume ##Drives ##Bitcoin ##Price ##AllTime ##High

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