Bitcoin (BTC) hit a record high of $ 28,400 before crashing thousands of dollars on December 27 – the latest chapter in his Christmas business.
BTC price is dropping USD 1,900 in minutes
After hitting 15% 24-hour profit, Bitcoin experienced heavy selling pressure in excess of $ 28,000. The largest cryptocurrency failed to sustain its extremely fast upward trajectory and then dropped to a low of $ 26,500.
At press time, volatility left no clear market direction in control as BTC / USD hovered around USD 27,000.
Analyst: “Bull run of bull runs has started”
Such as Cointelegraph reported Earlier in the day, Bitcoin set a number of records with its latest moves, including passing a market cap of $ 500 billion for the first time.
In addition, Monday should see the biggest hole in the Bitcoin futures markets ever.
This will be the largest CME gap in history pic.twitter.com/IWBsyQsXab
– Saylor Moon Fan Club (@cryptoSqueeze) December 27, 2020
Since overcoming the $ 24,000 resistance, Bitcoin has traded in uncharted territory with only impromptu sales levels creating fiction in what appears to be an increasingly parabolic market.
While institutional investors took a break, talks turned to retail buyers fueling the final stages of the Bitcoin bull run.
“The bull cycle of bull cycles has begun as more and more players begin to transition to Bitcoin and cryptocurrencies,” said Cointelegraph Markets analyst Michaël van de Poppe summarized to Twitter followers.
Van de Poppe continued to keep an eye on $ 19,500 as a potential retracement zone, with altcoins lining up to take advantage of Bitcoin’s example once his own gains are slow – possibly next month.
Binance’s order book data, meanwhile, shows that a formidable $ 30,000 sales wall is likely to be the next big hurdle for the BTC bulls.