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Home / Business / Bitcoin price plummeted by 6.5% within minutes after hitting $28.4K sell wall

Bitcoin price plummeted by 6.5% within minutes after hitting $28.4K sell wall



Bitcoin (BTC) reached an all-time high of $28,400, and then fell below thousands of dollars on December 27, which is the latest chapter in its Christmas trading frenzy.

An overview of the cryptocurrency market. Source: Coin360

BTC price drops by $1,900 in minutes

Data from Cointelegraph Markets, Coin360 and TradingView showed that in Sunday’s trading, BTC/USD rose and then lost huge amounts of money in US dollars.

After breaking through a 15% 24-hour gain, Bitcoin encountered heavy selling pressure of more than $28,000. The largest cryptocurrency was unable to maintain its extremely rapid upward trajectory and subsequently fell to a low of $26,500.

As of press time, since BTC/USD fluctuates around $27,000, volatility ensures that no firm market direction is under control.

BTC/USD 1-minute candlestick chart (Bitstamp). Source: TradingView

Analyst: “Bull market starts to bull market”

As Cointelegraph reported earlier in the day, Bitcoin’s latest move has set many records, including a market value of over $500 billion for the first time.

In addition, Monday should see the largest Bitcoin futures market gap in history.

Since overcoming the $24,000 resistance, Bitcoin has been trading in unknown areas with only impromptu selling levels, creating something fictitious in the seemingly increasingly parabolic market.

With institutional investors resting, discussions about retail buyers have fueled the latest phase of the Bitcoin bull market.

Cointelegraph Markets analyst Michaëlvan de Poppe concluded to Twitter followers: “As more and more participants begin to accept Bitcoin and cryptocurrencies, the bull market cycle of the bull market cycle has begun,”

Van de Poppe continues to focus on $19,500 as a possible retracement area. Once Bitcoin’s own gains slow down (possibly next month), altcoins are expected to benefit from Bitcoin’s example.

Heat map of Binance order book.Source: Material Index

Binance order book data also shows that the strong selling barrier of $30,000 may be the next major obstacle for BTC bulls.