Bitcoin Reaches $27K, Why BTC Could Hit $30K Before New Year

6 months ago 5

Bitcoin price started another increase and broke the $25,000 resistance against the US Dollar. BTC is gaining momentum and it could even visit $30,000 in the coming sessions.

Bitcoin is up 7%, broke the $25,000 barrier, and it almost tested the $27,000 level. The price is now correcting lower, but it remains well supported above $25K and the 100 simple moving average (4-hours). There is a key bullish trend line forming with support near $25,400 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair is likely to continue higher towards the $28,500 and $30,000 levels in the near term.

Bitcoin Price Sets New ATH

In the past few days, there was a steady increase in bitcoin price above the $24,500 resistance against the US Dollar. The BTC/USD pair broke many hurdles near $25,000 and $25,500 to continue higher.

It is now up over 7% and it is now trading well above $26,000. A new all-time high was formed near $27,000 and the price is currently consolidating gains. An initial support on the downside is near the $26,400 level. It is close to the 23.6% Fib retracement level of the recent increase from the $24,532 swing low to $26,991 high.

Bitcoin price

Source: BTCUSD on TradingView.com

The first major support on the downside is near the $25,8000 level. There is also a key bullish trend line forming with support near $25,400 on the 4-hours chart of the BTC/USD pair.

The 50% Fib retracement level of the recent increase from the $24,532 swing low to $26,991 high is also near the trend line zone. On the upside, the $27,000 level is an initial resistance zone. A clear break above the $27,000 zone could open the doors for a push towards $28,000 and $28,800 levels. Any more upsides might set the pace for a test of the key $30,000 level.

Dips Supported in BTC?

If there is a decent downside correction, bitcoin price might find bids near the $25,800 and $25,500 levels. The next major support on the downside is near the $25,000 level.

The first major support is near the 24,200 level (the last key breakout zone). Any more losses may possibly lead the price back towards the $22,000 support zone.

Technical indicators

4 hours MACD – The MACD for BTC/USD is gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 70 level.

Major Support Level – $25,000

Major Resistance Level – $28,000

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