Bitcoin (BTC) rose as high as $ 28,400 towards the beginning of the year but fell 6.5 percent, facing a significant wall of sales.
BTC price dropped $ 1,900 within minutes
With 24-hour earnings over 15%, Bitcoin faced heavy selling pressure of over $ 28,000. Failing to sustain its extremely rapid upward trend, the leading cryptocurrency then fell below $ 26,500.
At the time of writing, market prediction became extremely difficult as volatility fluctuated around $ 27,000 in BTC / USD.
Analyst: “The bull run has begun”
Bitcoin broke a series of records, surpassing a market capitalization of $ 500 billion for the first time in its last moves.
Also, Monday saw the biggest gap ever created in the Bitcoin futures markets.
This is gonna 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 traded in an unknown territory in an increasingly parabolic market view.
With institutional investors taking a hiatus, the turn to speak came to retail buyers feeding the final phase of the Bitcoin bull run.
“As more and more players are adopting Bitcoin and cryptocurrencies, the bull cycle has begun,” Michaël van de Poppe tells his Twitter followers.
Van de Poppe went on to see $ 19,500 as a possible retracement zone with altcoins in line to potentially take advantage of the Bitcoin example next month when its earnings slow.
Meanwhile, Binance orderbook data shows that a tough $ 30,000 sell wall will be the next big hurdle for BTC bulls.