Bitcoin price inches closer to $30,000 with new all-time highs

A swift return to form for Bitcoin sparks 8% daily gains and gives no hint of a deeper reversal under $30,000.

Bitcoin (BTC) returned to hitting records on Dec. 30 after a fresh rebound took it above its $28,400 all-time high.

BTC price nails fresh all-time high

Data from Cointelegraph Markets and TradingView showed BTC/USD tackle its existing historic top during trading on Wednesday.

In a strong resurgence overnight, Bitcoin confirmed that it had no time for bears after briefly dipping as low as $25,830 over the past 24 hours.

Daily gains were at 7.5% at press time as $28,560 became reality.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

The move brings Bitcoin ever closer to sealing $30,000 as a new psychological level before the end of the year, something which seemed all but impossible just one week ago.

As Cointelegraph reported, however, analysts still believe that a reversal could take the largest cryptocurrency down to existing support at $19,500.

On Tuesday, Cointelegraph Markets analyst Michaël van de Poppe noentheless highlighted $27,500 as the critical area to break in order to pave the ways for new all-time highs.

Ether price leads altcoin gains

The knock-on impact among major cap altcoins was clearly felt, with Ether (ETH) nearing $740 after rising 5.5% on the day.

Polkadot (DOT) added to existing strength to see weekly performance approach 50%.

As before, the exception was XRP, which maintained 10% daily losses as continued delistings by major exchanges further weighed on sentiment. The troubled coin nonetheless managed to reclaim $0.20.

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