Bitcoin (BTC) Jumps to $29,300, Ethereum & Bitcoin Cash Join the Trail! But There Is a Price Determinant

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BTC/USD Daily Chart

Given that the price of Bitcoin has risen 64.9% since the beginning of December, reaching $30,000 could signal a possible pullback, but volume will ultimately be the main determinant of where the price might go.

An analyst stated that barring yet another robust surge in buying, the presence of Sell walls suggests that a rise to $30,000 could trigger a strong sell-off and force the BTC price to revisit key underlying support levels at $28,000 and $27,300.

In/Out of the Money Around Price (IOMAP) data confirms that the BTC price sits on top of a strong support area. Over 220,000 addresses purchased 190,000 BTC from $27,000 to $26,700.

BTC, In/Out of the Money Around Price (IOMAP)

For the second-largest crypto asset, Ethereum (ETH), a break past the $750 resistance is a determinant for its price. Above this level, ETH could surge to $1000 and also retest its all-time high later in 2021.

Image Credit: IOMAP, Shutterstock

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