Over $ 29,000: High-volume surge brings Bitcoin to new all-time high

The Bitcoin bull broke the resistance at $ 28,500, but $ 30,000 is still a challenge.

Bitcoin ( BTC ) price hit a new all-time high of over $ 29,000

On December 29, the Crypto Bull price tried to break the strong resistance at $ 28,500. After a rally to $ 28,600, the price turned sharply downward and fell to $ 27,300.

Today’s surge to $ 29,000 came after a large surge in volume broke the resistance at $ 28,500. But the struggle for $ 30,000 is far from over.

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

Unless there is a further sustained increase in purchase volume, the sales walls suggest that an increase to $ 30,000 would trigger a strong sell-off. The BTC rate would then fall again to the key underlying supports at $ 28,000 and $ 27,300, where the 20-day moving average is currently in the 4-hour window.

$ 30,000 and then up?

Many traders expect the Bitcoin price to rise well over $ 30,000 once the psychological barrier is overcome. But Nunya Bizniz, a popular trader on Twitter, explains that above $ 30,000, Bitcoin is starting to look exaggerated as the 1.618 Fibonacci retracement is at $ 30,196.

Given that Bitcoin price is up 64.9 percent since early December, hitting the 1.618 Fibonacci level could be a signal that a decline is imminent. But ultimately, volume will be the primary indicator of where price could go.

The Bitcoin price has currently risen 302.6 percent over the year, outperforming gold and traditional markets such as the Dow and S & P500 by far. In the fourth quarter, BTC was up 168.32 percent, making the second-best quarterly move since 2017, when the digital asset rose 210.13 percent in the fourth quarter.

The views and opinions contained herein are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every step of investing and trading carries a risk and one should research well before making a decision.