Bitcoin prices have finally managed to achieve their next new all-time level of high. On the other hand, they are struggling to even break past the level of $30,000.
The BTC prices have finally reached their new ATH of more than $29,400. This price level is applicable to all the important exchanges on 1st January 2020, Friday. Basically, Bitcoin is presently only 2% away from the aim of reaching the next resistance level of psychological of $30,000.
Bitcoin Price Halted Before $30,000
In case Bitcoin Price is able to reach and surpass the $30,000 level, they will be able to fuel a renewed confidence in the stock market. This is the final technical roadblock that is remaining to break just before this level.
As a result, this near-term have sellers who are searching for a defense for the resistance level of $30,000 along with the loaded with sell orders. The books of exchange orders reveal big sell orders within the range of $29,800 and $30,000.
The books of exchange order on both Bitfinex and Binance display relatively big sell orders between $29,000 and $30,000. It indicates that the sellers might try to guide a pullback for BTC prior to reaching the $29,800 level.
The futures market of BTC traders has tried to suppress Bitcoin prices and shorted belligerently for the last 24 hours.
Regardless of the latest rally, the funding rate in the futures on Coinbase as well as other key exchanges remained at approximately 0.01%. Sometimes, it has fallen under 0.01%. This showed the bulk of market selling or shorting BTC.
Nonetheless, retail investors have continued accumulating Bitcoin. On 31st December, just before the new year, BTC prices rallied towards this new ATH.
In the next term, it will be important to see BTC’s behavior at this $29,800 level. If they exceed this level, Bitcoin will face a broader rally from $30,000 in the future.