Previous article Bitcoin price sees new all-time high above $28,000- Analysis Next article Worlds First Bitcoin ICO Presale Ends 15th March Buy Now Buy Now Worlds First Bitcoin ICO Presale Ends 15th March Buy Now Buy Now Home Latest Cryptocurrency News Bitcoin price sees new all-time high above $28,000- Analysis Bitcoin price sees new all-time high above $28,000- Analysis By - min read 29 December 2020 The price of Bitcoin (BTC) rose to highs of $28,387 against the US dollar Bitcoin is trading around $26,300, slightly lower from its new all-time high reached over the weekend. The dominance index is also dipping after rising well above the 70% mark, while the world’s largest cryptocurrency has seen its market cap drop to $492 billion after crossing the 510 billion mark. BTC/USD outlook Bitcoin had a great Christmas weekend as its price cleared several hurdles to hit a new all-time high above $28,000. After breaking above the major resistance area around $25,000, BTC price surged to highs of $27,000 before slowing down. However, fresh buying pressure provided an impetus to the Santa rally as another spike catapulted the BTC/USD pair to highs of $28,387 on Coinbase. BTC/USD chart showing the new all-time high above $28k. Source: TradingView At the time of writing, the price of Bitcoin has pulled back to $26,300 but remains bullish for attempts near $30k. The technical outlook on the daily charts suggests that bulls need to hold above the $26k support zone to retain the upside advantage. A contrary view would provide for a strong retracement in the coming days, with a potential dip to support at lows of $23,000. BTC/USD daily chart. Source: TradingView The hourly chart shows that Bitcoin is seeing increased bidding above the $26,000 support level. However, bulls have so far managed to reclaim the anchor of the 100-hourly simple moving average to prevent further losses. As can be seen in the chart below, bears did break below the 100-SMA ($25,952), but whales were quickly able to buy the dip as shown by the long tail of the candlestick. BTC/USD hourly chart. Source: TradingView Short term, price is likely to track the bearish trendline forming on the hourly chart. In this case, a downward action would provide sellers with targets below the 100-SMA and the support line near $25,600. If bears manage to take control at this level, the BTC/USD pair will likely retrace to its main support zone around $23,000. On the upside, if there’s a break above the trendline and the $26,800 resistance line, buyers can target the 50% Fibonacci retracement level ($27,057). Beyond this, the 61.8% Fibonacci retracement level of the swing from $28,387 high to $25,782 low offers the next resistance level at ($27,393). A breakout above this level can bring back the focus on $28,400 and possibly the psychological barrier at $30,000. Share this article Categories Analysis Tags Bitcoin News BTC