BTC Breaks Briefly Above $29,000, Will We See It Reach $30K Soon?

BTC breaks briefly above the ,000 price range extending its upward move and traded to a new all-time high of ,250 against the US dollar so analysts are now waiting for the coin to hit ,000 in the upcoming few hours or days.
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In our latest Bitcoin news, we are taking a closer look at the price analysis.

The price gained bullish momentum above $28,400 and broke the $29,000 level with the price traded higher than $29,270 and managed to settle well above the 100 hourly simple moving average with a major breakout pattern forming with support close to the $28,650 level on the hourly charts of the pair. The pair will likely continue higher above the $29,000 price range if it manages to break below the $28,300.

There was a new steady increase in BTC price above the main $28,300 resistance zone and the price even broke the region to continue higher. It even spiked above the $29,200 range and traded to a new all-time high of $29,274. There was a sharp downside correction below the $29,000 level but managed to stay afloat of the 100 hourly simple moving average. The price traded below the 23.6% fib retracement level of the upward move from the $27,375 swing low to the $29,274 high.

BTC breaks briefly above the $29,000 range after it tested the $28,325 support zone while remaining well bid above the 50% fib retracement level from the upwards movement from the $27,375 swing low to the $29,274 high. There was a major breakout pattern forming the support of the $28,650 level on the hourly charts of the pair. On the upside, the price faced many hurdles close to the $29,200 level with a clear break above the $29,200 and the new high that will likely open the doors for more highs. The main goal for the bulls is likely $30,000.

If BTC starts another downside correction, it could find support near the $28,650 zone and the triangle lower trend line with the next major support nearing the $28,300 zone and also a key level. if there’s another downside blow below $28,300 with a risk of larger declines. In the stated case, the price will test the $27,500 or the 100 hourly SMA.

As recently reported, New Year Eve could see Bitcoin hitting $30,000 as it became a strongly bullish asset over the past few weeks. Also, a Nasdaq-listed company joined the Bitcoin bandwagon like Greenpro Capital that is actually a Hong Kong-based business intelligence company that announced it will raise debts worth $100 million to purchase BTC calling it a “reliable futures store of value.”