A rampant bull run is punctuated by sellers above $28,000, with Bitcoin continuing to see wild volatility on Sunday.
Bitcoin (BTC)
hit all-time highs of $28,400 before crashing thousands of dollars on
Dec. 27 — the latest chapter in its Christmas trading frenzy.
BTC price dips $1,900 in minutes
Data from Cointelegraph Markets, Coin360 and TradingView showed BTC/USD gain and then lose huge amounts in USD terms during trading on Sunday.
After
topping 15% 24-hour gains, Bitcoin encountered heavy selling pressure
above $28,000. Unable to sustain its extremely rapid upwards trajectory,
the largest cryptocurrency then fell to lows of $26,500.
At press time, volatility ensured that no firm market direction was in control as BTC/USD fluctuated around $27,000.
Analyst: "Bull run of bull runs has started"
As Cointelegraph reported
earlier in the day, Bitcoin set a number of records with its latest
moves, including passing a $500 billion market cap for the first time.
In addition, Monday should see the largest gap in Bitcoin futures markets ever created.
Since overcoming $24,000 resistance, Bitcoin has traded in uncharted
territory with only impromptu sell levels creating fiction in what looks
to be an increasingly parabolic market.
With institutional investors taking a break, talk turned to retail buyers fuelling the latest phase of the Bitcoin bull run.
“The
bull cycle of bull cycles has started, as more and more players are
starting to adopt towards Bitcoin and cryptocurrencies,” Cointelegraph
Markets analyst Michaël van de Poppe summarized to Twitter followers.
Van
de Poppe continued to eye $19,500 as a possible retracement zone, with
altcoins in line to benefit from Bitcoin’s example once its own gains
slow — potentially next month.
Binance
order book data meanwhile shows that a formidable sell wall at $30,000
will likely be the next major hurdle for the BTC bulls.
source link: https://cointelegraph.com/news/bitcoin-price-crashes-by-6-5-in-minutes-after-hitting-28-4k-sell-wall
