Bitcoin is by far the best performing cryptocurrency. Most major altcoins have been severely underperformed for the past few days.
While many investors took positions on the prospect of smaller tokens outpacing BTC, the cryptocurrency’s enormous rise sucked up all the oxygen, so to speak.
Bitcoin price broke a record again today
Until momentum stops and investors take the capital from BTC and convert it into altcoins, the chances are strong that it will continue to outperform the cryptocurrency market.
One trader points to the absence of intense selling pressure that Bitcoin is currently facing, a positive sign as the price has surged above $ 28,000. This exhaustion among sellers seems to imply that it could gear up for another move that sent BTC to its all-time highs.
The leading trader announced that BTC is watching the prospect of higher levels in the coming hours. In particular, he stated that no sellers appear at the crypto highs, indicating that price discovery is about to continue.
Will it rise again in the following hours?
This can put a short-term pressure on altcoins as they typically struggle to rise with the cryptocurrency.
Bitcoin is currently trading up just under 3% at a price of $ 28,100.
A break above the $ 28,500 peak could cause the cryptocurrency’s late price discovery to continue.
These peaks were visited overnight, but the selling pressure here was significant and resulted in a very intense short-term sale.
We may not see resistance up to 30,000
One trader said that the aggressive lack of selling above $ 28,000 could indicate that it is good for Bitcoin and the increase for the cryptocurrency is imminent.
— SalsaTekila (@SalsaTekila) December 30, 2020
If Bitcoin continues to see price discovery in the near term, it could be ready to visit the psychologically significant $ 30,000 level. This is where everyone expects some resistance.