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Wednesday, August 10, 2022

Analyzing Bitcoin Price After Reaching A New $29,000 ATH

The bulls of Bitcoin has obliterated the resistance of $28,500 with a surge of high volume. However, the level of $30,000 might create challenges for the cryptocurrency.

In the past hour, the prices of Bitcoin has rallied off to create a brand new all-time high of $29,000.

New ATH For Bitcoin

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On 29th December 2020, the prices of BTC has tried to make their way past the stubborn resistance cluster that was stuck at a level of $28,500. However, following their successful rally of $28,600, their price was overruled with the severe correction of $27,300.

As of today, their move towards the $29,000 level has come following the surge in high volume that has pushed through their resistance of $28,500. On the other hand, the long battle to reach $30,000 still remains far from being over and Bitcoin has to strive harder and longer.

The data received from the Material Indicators reveal that there is still some sell wall that is blocking the path for BTC to reach the level of $30,000 at Binance as well as a few other leading cryptocurrency exchanges.

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Other than the sustained surge in high volume in the buying volume, there is a presence of the sell walls which indicates that a rally up to $30,000 might propel a strong sell-off. This may cause the Bitcoin price to re-enter the important primary supports at $27,300 and $28,000. These can be found at the 20-day rolling average that is presently situated at the timeframe of 4-hour.

Several retail traders are anticipating that the price of Bitcoin will be surging well above the level of $30,000 as soon as the barrier of psychology is overcome.

BTC has already rallied almost 64.9% from the beginning of December and reached the Fib level of 1.618. Nonetheless, the volume will actually be the indicator of the destination of the price.

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