BTC Reached $27,000, Is $30K The Next Target Before New Year?

BTC reached $27,000 overnight as the price started increasing and breaking multiple resistance levels against the US dollar. Now, the analysts wonder whether the number one cryptocurrency will reach $30,000 before New Year, but we have to wait and see that. While we do that, lets’ take a closer look at the price analysis in our latest Bitcoin news.

The BTC price corrected lower slightly but it remains well supported above $25K and the 100 simple moving average. There’s also a key bullish trendline forming near the support of $25,000 on the 4-hour charts of the pair with it most likely having a chance towards $28,500 and $30,000 in the near-term. Over the past few days, there was a steady increase in the BTC price above $24,500 resistance against the US dollar with the pair breaking hurdles near the $25,000 and the $25,500 levels that led it higher. It Is up now over 7% and is trading above ,000 with a new all-time high forming at ,000.
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The price is currently consolidating the gains and the initial support on the downside is near the $26,400 level with it being close to the 23.6% fib retracement level of the increase from $24,532.

The first major support on the downside is near the $25,800 level and there’s also a key bullish trend line forming with support at $25,400 on the 4-hour charts of the BTC/USD pair. the 50% retracement level from the recent increase at $24,532 swing low to the $26,991 high is also near a trend lien zone while the $27,000 level on the upside is an initial resistance zone. Clearing above this trendline could open the doors for another increase towards $28,000. More upsides could see BTC reaching $30,000.

If there’s a decent downside correction, the price could bid near the $25,800 level and the next major support on the downside is nearing the $24,000 level. The first major support is near the $24,000 level so more losses could lead the price back to the $22,000 support zone. The 4-hour MACD for the pair is gaining momentum in the bullish zone while the 4-hour RSI is well above the 70 levels as BTC reached $27,000.

The new record highs for BTC came less than three days after breaking the resistance at $24,000 which means that the BTC price has doubled over the past few months after gaining about $10,000 in December alone. Bitcoin’s market cap blasts over half a trillion which puts it under Warren Buffett’s Berkshire Hathaway which is the tenth biggest company in the world. This came less than a day after surpassing the market cap of Visa.