Bitcoin (BTC) has made another push towards the upside and briefly hit a new all-time high. This move puts it one step closer to the psychological $30,000 mark
Bitcoin has broken its descending consolidation pattern as it hit the $26,366 Fib retracement level and propelled towards the other end of the range, creating a very brief new all-time high.
At the time of writing, Bitcoin is trading at $27,800, which represents a price increase of almost 50% as it fast approaches its yearly close.
Taking a look at the daily chart, Bitcoin continued posting green candles and is on track to get past the $30,000 mark in the future. Breaking the current immediate resistance level would mean that Bitcoin enters its discovery phase yet again, meaning the only resistance levels would be psychological ones, such as $30k — or Fib extensions, which are sitting at $31,477, $32,640 and $32,979.
If, however, bulls fail to bring BTC above its current resistance level, we can expect a stronger pullback below $26,000, and possibly slightly above the $23,000 zone.
BTC/USD daily price chart. Source: TradingView
The technical overview shows that BTC’s daily RSI indicator has been hanging in the overbought territory for several days now. While this usually means that a correction is near, Bitcoin is known for staying in the overbought territory for an extremely long time during bull markets.
Looking at its volume, Bitcoin is still on average levels when compared to the past week. This amount of volume might not be enough to push it to $30,000.
BTC/USD 1-hour chart. Source: TradingView
When taking a look at the hourly time-frame for a shorter term view, we can see a bit better how BTC stopped its descending consolidation phase and bounced off of the $26,336 support level. While the move towards the upside was strong, the volume stayed the same or barely increased. The current volume might not be able to bring BTC above its resistance level, which means that a strong move up will most likely be accompanied by a sharp increase in volume.