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  • BTC/USD stays positive near the all time high of 29,307, flashed recently.
  • Bulls cheer two-week-old rising channel and sustained trading above monthly support line, previous resistance.
  • 200-bar SMA adds to the challenges for bears.

BTC/USD remains directed to the north while refreshing the record top above 29,300, currently up 1.0% near 29,200, during the early Thursday’s trading.  The crypto earlier marked 28,373 as the all-time high following its upside break of an ascending trend line from November 30.

Other than the sustained trading beyond the stated resistance line, now support, bullish channel on the four-hour (4H) chart and upbeat MACD conditions also favor Bitcoin buyers.

As a result, it’s the run-up to the 30,000 psychological magnet becomes imminent. However, overbought RSI conditions suggest a pullback from the said channel’s resistance line, near 30,150.

Meanwhile, a confluence of the previous resistance line and the lower line of the short-term rising channel, around 26,900, offers strong immediate support.

A downside break of 26,900 will challenge the December 20 high near 24,300 ahead of targeting the sub-22,000 area. Though, any further BTC/USD weakness will be tamed by 200-bar SMA near 21,300.

BTC/USD four-hour chart

Trend: Bullish