The price of Bitcoin shook the financial world yesterday by setting a new record. With still strong resistance in this area, and with so many cryptocurrency investors in earnings for 2020, extreme FOMO and profit-taking is causing wild volatility, resulting in more than $ 1,000 intraday moves.
This is exactly what happened this morning, when after re-testing yesterday’s peak, a rejection sent the price per BTC plunge by 7% in less than an hour, shaving more than a grand from the price of the best cryptocurrency.
Bitcoin Sees $ 1,500 Rejection In Retest From New Record High
In the early hours of Tuesday morning, before the US stock market opened, Bitcoin price peaked again – an achievement that should be everyday from now on.
But a rejection at the high sent the leading cryptocurrency with a market cap down by $ 1,500 and is now trading at $ 18,450 at the time of this writing. With volatility so high and prices getting out of hand, there’s no telling what the price per BTC will be by the time this is published.
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Price action is moving so fast as a result of the tremendous buying pressure caused by the world’s learning Bitcoin has set a new record after three years close to the market, making significant gains from green whales.
Bitcoin was rejected from its all-time high, suffering a $1,500 loss in an hour | Source: BTCUSD on TradingView.com
The sale took place mid-time, at around $ 18,400. If the main level of support holds up, the leading cryptocurrency by market cap will take off to another height.
High timeline indicators are getting extremely overheated and even some of the world’s top analysts now warn that a summit is near. But this is Bitcoin, and it is a bull market, with unique factors this time making the cryptocurrency bullish than ever.
Related reading | Why the double story in Bitcoin doesn’t make sense
The perfect storm tale of a rising money supply, gold looking archaic by today’s digital standards and governments losing control of monetary policy could create a situation where no degree of overbought conditions could cause the price action of the cryptocurrency is reset.
Regardless, as John Bollinger warns, it is time to pay attention because if there is potential for a reversal, it will happen today with the loss of the support level described above.
Featured image from Deposit Photos, Charts from TradingView.com