Bitcoin

Bitcoin price drops 6.5% in minutes after hitting a selling wall of $ 28,400

Bitcoin (BTC) hit an all-time high of $ 28,400 before losing a few thousand dollars on December 27, the final chapter of its devastating Christmas rally.

Overview of the cryptocurrency market. Source: Coin360

BTC price fell $ 1,900 in minutes

Data from Cointelegraph Markets, Coin360 and TradingView showed a gain in the BTC / USD pair on the trading day on Sunday and then a large loss in USD.

After making a 15% profit in 24 hours, Bitcoin encountered strong selling pressure of over $ 28,000. The largest cryptocurrency on the market failed to sustain its extremely rapid upward trend and then fell to lows of $ 26,500.

Bitcoin price drops 6.5% in minutes after hitting a selling wall of $ 28,400
Bitcoin price drops 6.5% in minutes after hitting a selling wall of $ 28,400

At press time, volatility ensured that no fixed market direction was kept in check as the BTC / USD pair hovered around $ 27,000.

BTC / USD 1 minute candle chart. Source: TradingView

Analyst: “The bull cycle of bull cycles has begun”

As Cointelegraph reported today December 27th, Bitcoin set a number of records with its recent moves, including breaking a market cap of $ 500 billion for the first time in its history.

In addition, Monday is likely to create the largest gap ever created in the Bitcoin futures markets.

Since bitcoin broke the $ 24,000 resistance, it has been uncharted territory with only makeshift sales levels creating fiction in what appears to be an increasingly parabolic market.

With institutional investors taking a break The conversation now turns to retail buyers fueling Bitcoin’s recent bull cycle.

“The bull cycle of bull cycles has begun as more and more players accept bitcoin and cryptocurrencies.” summarized the analyst from Cointelegraph Markets, Michaël van de Poppe, to their Twitter followers.

Van de Poppe repeatedly pointed to $ 19,500 as a possible retreat. using altcoins online to take advantage of the bitcoin example as soon as their own earnings slow down, possibly the next month.

Binance order book heat map. Source: material indicators

Data from Binance’s order book shows that an impressive selling wall at the $ 30,000 level is likely to be the next big hurdle for BTC bulls.

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