Bitcoin (BTC) reached historical records of $ 28,400 before dropping thousands of dollars on December 27 – the latest chapter in its Christmas commercial frenzy.
BTC price drops $ 1,900 in minutes
Data from Cointelegraph Markets, Coin360 and TradingView showed a gain of BTC / USD and then a loss of large amounts in USD terms during trading on Sunday.
After reaching 15% of earnings in 24 hours, Bitcoin found strong selling pressure above $ 28,000. Unable to sustain its extremely fast upward trajectory, the largest cryptocurrency dropped to $ 26,500.
So far, volatility has ensured that no firm market direction is under control, as BTC / USD fluctuates around $ 27,000.
Analyst: “The bullfighting has started”
As Cointelegraph reported earlier in the day, Bitcoin broke several records with its most recent moves, including exceeding a market cap of $ 500 billion for the first time.
In addition, Monday should see the biggest gap in the Bitcoin futures markets ever created.
This is going to be the biggest CME gap in history pic.twitter.com/IWBsyQsXab
– Saylor Moon Fan Club (@cryptoSqueeze) December 27, 2020
Since overcoming the $ 24,000 resistance, Bitcoin has been trading in unfamiliar territory with only improvised sales levels, creating fiction in what appears to be an increasingly parabolic market.
With institutional investors taking a break, the conversation turned to retail buyers, fueling the last phase of the Bitcoin bull run.
“The bullish cycle of bullish cycles has started, as more and more players are starting to adopt Bitcoin and cryptocurrencies,” summarized Cointelegraph Markets analyst Michaël van de Poppe to Twitter followers.
Van de Poppe continued to consider $ 19,500 as a possible downturn, with online altcoins to take advantage of Bitcoin’s example as soon as his own earnings wane – potentially next month.
Binance’s order book data, however, shows that a formidable $ 30,000 sales wall is likely to be the next major hurdle for BTC bulls.