The global crypto market cap is $746.65B, with a 6.02% increase over the last day. The last quarter of 2020 has seen a combined $48.80 billion in trade volume on Bitcoin (BTC) alone. Bitcoin may reach new highs swiftly after staging a comeback from the prior day’s low of $25,833. BTC seems poised for a run to $30,000, perhaps even by the end of 2020. The lead crypto continues higher with increased momentum to the further upside as BTC/USD reaches past $29,000. Technicals for BTC/USD continue to show a strong bullish trend with the current spot price well above $20k before an all-time high. The total market capitalization of Bitcoin now exceeds $535 billion and managed to reach a 70.4% dominance over the market. At the time of composing, the spot price has now increased by nearly 7% while trading at $28,911 since staging a come back from recent lows. Bitcoin hit another all-time high amid the flow of US stimulus funds into cryptocurrencies. The outgoing U.S. President Donald Trump finally endorsed the long-awaited stimulus bill worth $900 billion which will improve investment in Bitcoin.
*The lead crypto continues higher with increased momentum to the further upside as BTC/USD reaches $29,000
*BTC seems poised for a run to $30,000, perhaps even by the end of 2020
*Bitcoin hit another all-time high amid the flow of US stimulus fund into cryptocurrencies
Key Levels
Resistance Levels: $30,000, $29,500, $29,000
Support Levels: $26,000, $25,500, $25,000
BTC/USD Daily Chart: Bullish
BTC/USD Daily Chart
The flagship cryptocurrency soared above $28,500 and hit a record all-time high past $29,000. From a technical standpoint, Bitcoin is in unfamiliar territory. A sustained leap past $25,000, as explained earlier, built a successful upward trigger. As the bullish traction regains steam, before 2020 finishes, BTC may hit $30,000.
The pivotal support comes from a $26,000 region on the downside. This zone acted as a resistance at the start of the week; after flipping into a demand zone, it is validated by the continuous upside traction. If it is proven as support, with the next pause at $30,000, BTC may get another lift. Or else, with the next bearish aim at $25,000, supported by $24,000, the sell-off may gain traction.
BTC/USD 4 Hour Chart: Bullish
BTC/USD 4-Hour Chart
As seen in the shorter timeframe, after the top crypto reached a new all-time peak, past the $29,000 mark today, Bitcoin had already staged a powerful technical pullback. Technical analysis suggests that the major resistance area to monitor over $28,000 is the $30,000 mark. To the downside, to gain downside traction this week, bears must keep the BTC/USD pair beneath the $26,000 support area.
The $26,000 confluence region acts as a big buying spot for BTC/USD bulls as illustrated by technical analysis. The BTC/USD pair is only bullish while trading over the level of $26,000, with main resistance at the heights of $29,500 and $30,000. If the BTC/USD pair exchanges beneath the $26,000 mark, the $25,500 and $25,000 levels may be tested by sellers.
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