Bitcoin price faces the last roadblock before $30,000


The price of Bitcoin (BTC) reached a new all-time high above $29,400 across major exchanges on Friday. In other words, BTC is just 2% away from reaching the psychological resistance level at $30,000.

Breaking $30,000 could fuel renewed confidence in the market, with the last remaining technical roadblock right below this level. 

Hence, in the near term, sellers will look to defend the $30,000 resistance level with stacked sell orders. Exchange order books show large sell orders in the $29,800–$30,000 range.

Exchange order books on both Binance and Bitfinex show relatively large sell orders from $29,800 to $30,000. This means that sellers could attempt to lead a Bitcoin pullback before it reaches $29,800.

A pseudonymous cryptocurrency trader known as “Loma” similarly said that if Bitcoin was to reject at $30,000, it would likely drop from $29,800. He said:

BTC either blows through $30,000 over the next few days into the $31-33k territory or we front-run and reject at like $29,800. Basically what I’m saying is, if you’re shorting $30k, there’s a very good chance you’re going to be ran over.”

Traders in the Bitcoin futures market have been trying the suppress the price of BTC and have shorted aggressively in the past 24 hours.

The futures funding rate on Coinbase and other major exchanges have remained at around 0.01%, despite the recent rally. At times, it fell below 0.01%, indicating that the majority of the market was shortin or selling BTC.

However, retail investors in the Bitcoin spot market, which refers to exchanges without derivatives and leverage, have been accumulating BTC.

On Dec. 31, shortly before the new year, the price of Bitcoin rallied to a new all-time high. Analysts at Santiment said that they spotted an increase in on-chain movements, which might indicate retail accumulation.


RSS Latest Press Release

  • The Mold Girl Ramps Up Annual Air Quality Testing Following High Demand
    Daniel Island, SC – Entrepreneur Elizabeth Keefer, aka The Mold Girl, is stepping up to meet demand from worried residents concerned about their homes being afflicted with significant health hazards.   Keefer, a well-respected council-certified indoor environmental professional, is now offering annual air quality testing for homeowners worried their homes could have mold, allergens, or other […]
  • Wendy's and Google Cloud partner to enhance the Wendy's restaurant experience
    Wendy's®  and Google Cloud today announced a partnership to enhance Wendy's restaurant experience and unlock new customer, restaurant, and employee experiences through data-driven insights.Wendy's intends to leverage Google Cloud's data analytics, artificial intelligence (AI), machine learning (ML), and hybrid cloud tools to create new ways customers can order food in the drive-thru, on their mobile […]
  • Unique Custom Marine Vault Launches New Storage Boating Facility
    Pompano Beach, FL: A new 25,000 sqft boat storage warehouse has opened to offer the best complete boat care service in Florida’s Pompano Beach.   Owned and operated by Unique Custom Marine Vault, the unit is a safe and secure marine facility with an in-house mechanic and boat transporters.    “If you are looking for a […]
  • Dreamstime launches the "Cover of the Year 2021 in Romania" contest with prizes totaling 7,500 Euros.
    Dreamstime, the world’s largest stock photo community, together with Cărturești and PressOne, announces the launch of the "Cover of the Year 2021 in Romania" contest for book cover illustrations. Publishers or graphic artists who have published books with original covers throughout 2020 and 2021 are invited to participate. Participants can submit covers using stock media […]