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

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Bitcoin price began to rise again, breaking the $ 25,000 resistance against the US dollar. BTC is gaining momentum and could even cost $ 30,000 in the upcoming sessions.

  • Bitcoin is up 7%, crossed the $ 25,000 mark, and tested almost the $ 27,000 level.
  • Price is correcting lower now but continues to be well supported above $ 25,000 and the simple moving average of 100 (4 hours).
  • A major bullish trendline is forming on the 4-hour chart of the BTC / USD pair (data feed from Kraken) with support near USD 25,400.
  • The pair is likely to continue rising towards $ 28,500 and $ 30,000 in the near future.

Bitcoin price sets new ATH

For the past few days, Bitcoin price has risen steadily above the USD 24,500 resistance against the US dollar. The BTC / USD pair has cleared many hurdles near USD 25,000 and USD 25,500 to continue rising.

It’s now up over 7% and is now trading well above $ 26,000. A new all-time high has been formed near $ 27,000 and the price is currently consolidating gains. Initial support on the downside is near the $ 26,400 level. It is close to the 23.6% fib retracement level of the recent spike from $ 24,532 to $ 26,991.

Source: BTCUSD on TradingView.com

The first major support on the downside is near the $ 25,8000 level. A major bullish trendline is also forming on the 4-hour chart of the BTC / USD pair with support near USD 25,400.

The 50% fib retracement level of the recent surge from $ 24,532 to $ 26,991 is also near the trendline 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 the $ 28,000 and $ 28,800 levels. Further upside moves could set the pace for a test of the key $ 30,000 level.

Dips supported in BTC?

If there is a decent downward correction, Bitcoin price could find bids near the $ 25,800 and $ 25,500 levels. The next big downside support is near the $ 25,000 level.

The first major support is near the 24,200 level (the final key breakout zone). Further losses could potentially push the price back towards the USD 22,000 support zone.

Technical indicators

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

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

Main Support Tier – $ 25,000

Main Resistance Level – $ 28,000