Wednesday, September 29, 2021
Home Latest News Bitcoin Bitcoin price crashes by 6.5% in minutes after hitting $28.4K sell wall

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

Bitcoin (BTC) hit all-time highs of $28,400 before crashing thousands of dollars on Dec. 27.

Data from Cointelegraph Markets, Coin360 and TradingView indicated that BTC/USD gain and then lose huge amounts in USD terms during trading on Sunday.

According to Cointelegraph, after topping 15% 24-hour gains, Bitcoin encountered heavy selling pressure above $28,000. Unable to sustain its incredibly rapid upwards trajectory, the biggest 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 about $27,000.

Additionally, 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 a progressively 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.

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