A rampant bullish run is interrupted by sellers at USD 28,400, while Bitcoin continues to experience high volatility this Sunday.
Bitcoin (BTC) reached an all-time high of $28,400 before losing a few thousand dollars on December 27, the latest chapter in its overwhelming Christmas rally.
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Overview of the crypt coin market. Source: Coin360
BTC price dropped USD 1,900 in minutes
Data from Cointelegraph Markets, Coin360 and TradingView showed a gain in the BTC/USD and then a large loss in terms of USD during Sunday’s trading day.
After reaching a 15% gain in 24 hours, Crypto Bank faced strong selling pressure above USD 28,000. Unable to maintain its extremely rapid upward trajectory, the market’s largest cryptomone then fell to a low of USD 26,500.
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At the close of this edition, volatility ensured that no firm market direction was under control as the BTC/USD fluctuated around the USD 27,000 level.
Analyst: „The upward cycle of the upward cycles has begun
As Cointelegraph reported earlier today, Dec. 27, Bitcoin set a series of records with its latest moves, including exceeding a market cap of $500 billion for the first time in its history.
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In addition, Monday should see the biggest gap ever created in the Bitcoin futures markets.
This will be the largest GCE gap in history
Since breaking through the $24,000 resistance, Bitcoin has been trading in uncharted territory with only makeshift sales levels creating fiction in what appears to be an increasingly parabolic market.
With institutional investors taking a break, the conversation now turns to the retail buyers who are feeding Bitcoin’s recent upward cycle.
„The upward cycle of upward cycles has begun, as more and more players are beginning to embrace Bitcoin and cryptomonics,“ Cointelegraph Markets analyst Michaël van de Poppe summarized to his Twitter followers.
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Van de Poppe continued to point to the $19,500 as a possible downside, with online altcoins to benefit from Bitcoin’s example once their own earnings slow down, potentially next month.
Meanwhile, data from the Binance order book shows that a formidable selling wall at the USD 30,000 level will probably be the next big hurdle for BTC’s bullish players.