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Bitcoin price drops to $ 13,300 after the peak of the 2019 uptrend

October 28, 2020

Bitcoin (BTC) price fell to $ 13,300 on October 28 after a re-test of 2019 resistance levels was denied.

Coin360 cryptocurrencies market overview

Cointelegraph Markets data, Coin360 and TradingView show that volatility increased on Wednesday after BTC / USD hit $ 13,850.

Bitcoin price drops to $ 13,300 after the peak of the 2019 uptrend
Bitcoin price drops to $ 13,300 after the peak of the 2019 uptrend

Conditions prevailed after failing to hit $ 14,000, culminating in a brief decline to $ 13,300 at press time.

A subsequent rebound made $ 13,400 a focus, with sudden ups and downs that continued to characterize the market.

1-day chart of the BTC / USD pair. Source: TradingView

An unusually large transaction from an unknown wallet to the Coinbase exchange took place on Wednesday, a possible sign of an inbound sale at 1,072 BTC ($ 14.6 million). This followed several large transactions for identical amounts as well as larger transactions tracked by the Whale Alert monitoring resource.

As Cointelegraph reported, a $ 1 billion transaction appeared to be linked to Coinbase on Tuesday.

For analysts, however, there was a clear distinction between short-term price movements and their long-term effects.. For some, Bitcoin had already proven its maturity as an asset, and additional profits were almost guaranteed in the months to come.

As noted by Cointelegraph, Real Vision CEO Raoul Pal stated publicly that Bitcoin would challenge its all-time highs of $ 20,000 in three months.

Meanwhile, Cointelegraph Markets analyst Michaël van de Poppe highlighted the importance of breaking above $ 14,000 and reversing support. Rather, $ 13,000 should be an important support zone now.