Bitcoin price crashes by 6.5% in minutes after hitting $28.4K sell wall

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Bitcoin (BTC) hit an all-time high of $ 28,400 before crashing thousands of dollars on Dec. 27 – the latest chapter in his Christmas frenzy.

Cryptocurrency market overview. Source: Coin360

BTC price drops $ 1,900 in minutes

Data from Cointelegraph Markets, Coin360 and TradingView showed that BTC / USD expressed in USD during Sunday’s trading and then lost in bulk.

After gaining 15% in 24 hours, Bitcoin faced heavy selling pressures of over $ 28,000. The largest cryptocurrency failed to sustain its extremely rapid upward trend and then fell to lows of $ 26,500.

At press time, volatility ensured that no fixed market direction was under control as BTC / USD hovered around $ 27,000.

BTC / USD 1 Minute Candle Chart (Bitstamp). Source: TradingView

Analyst: “Bull Run of Bull Runs has begun”

As Cointelegraph reported earlier in the day, Bitcoin set a number of records in its recent moves, including the first-time adoption of a market cap of $ 500 billion.

In addition, the largest void in the Bitcoin futures markets ever created is likely to emerge on Monday.

This will be the largest CME gap in history. Pic.twitter.com/IWBsyQsXab

– Saylor Moon Fan Club (@cryptoSqueeze) December 27, 2020

Since breaking the $ 24,000 resistance, Bitcoin has broken new ground, with only spontaneous sales figures leading to fictions in what appears to be an increasingly parabolic market.

While institutional investors paused, conversations turned to retail buyers who fueled the final stage of the Bitcoin bull run.

“The bull cycle of the bull cycles has begun as more and more players prefer Bitcoin and cryptocurrencies,” said Cointelegraph Markets analyst Michaël van de Poppe, summarizing the Twitter followers.

Van de Poppe continued to look at $ 19,500 as a potential retracement zone, with altcoins queuing to take advantage of bitcoin once its own profits slow – possibly next month.

Binance order book heat map. Source: material indicators

Binance order book data shows that an impressive $ 30,000 sell wall is likely the next major hurdle for the BTC bulls.