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Home Latest News Bitcoin Bitcoin Breaks Above $29,000

Bitcoin Breaks Above $29,000

For the first time ever, the price of bitcoin reached $29,000 on the last day of the year 2020, pushing further into record territory after reaching what was an all-time high earlier in the day.

There was a gradual rise above the main $28,300 resistance zone in the price of bitcoin. To continue higher, BTC broke the $28,500 and $29,000 levels. It also spiked past USD 29,200 and at $29,274 it traded to a new all-time high.

There was a sharp downside correction below the $29,000 mark recently, but it is still well above the basic moving average of 100 hourly. The cost of the upward shift from the $27,375 swing low to $29,274 high also spiked below the 23.6 percent Fib retracement mark.

The $28,325 support zone was checked for Bitcoin values. Over the 50 percent Fib retracement level of the upward move from the $27,375 swing low to $29,274 high, it still stayed well offered. In addition, there is a big breakout trend emerging on the BTC/USD pair’s hourly chart with support around $28,650.

The price faces obstacles of nearly $29,200 on the upside. A strong break over $29,200 and the recent high could open the doors above $29,500 for more upsides. In the near term, the primary target for the bulls may be $30,000.

Coindesk.com reporterd that the price of bitcoin has now risen more than 300 percent year to date and has certainly put $30,000 in the minds of cryptocurrency investors, known colloquially as “HODLers.”

“Should the expected wave of retail flows materialize, I would expect to see bitcoin charge past $30,000 as we enter the new year,” Denis Vinokourov, head of research at London-based prime Brokerage Bequant. However, Nunya Bizniz, a popular Twitter trader, points out that the price of Bitcoin above $30,000 is starting to look a little over-extended as the 1.618 Fibonacci retracement is at $30,196.

As the price of Bitcoin has risen by 64.9% since the beginning of December, reaching the 1.618 Fib mark may provide a signal that a pullback is on the cards, but volume would eventually be the primary indicator of where the price may go.

Bitcoin rates have already gained 302.6 percent for the year and are greatly outperforming gold and standard markets such as the Dow and S&P500. BTC rallied by 168.32 percent for Q4, securing the second-best quarterly results since 2017, when digital assets earned 210.13 percent in Q4.

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