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Monday, January 18, 2021

Bitcoin Price Decreases By 6.5% Minutes After It Hit $28.4K

A bull run gets punctuated by the sellers over $28,000 while Bitcoin price is seeing wild volatility continuously on Sunday. Before crashing for around thousands of bucks, BTC hit its all-time high of $28,400 on 27th December which is its latest chapter of the trading frenzy of Christmas.

Bitcoin Price Drops By $1900 Within Minutes

Data from Coin360, TradingView, and Cointelegraph Markets showed the gain of BTC/USD and then losing huge sums of money in terms of USD during the trading frenzy on Sunday. Bitcoin price encountered huge pressure of selling above $28,000 after it topped by 15% in 24-hour gains.

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The biggest cryptocurrency being unable of sustaining its rapidly fast upwards trajectory fell to extraordinary lows of around $26,500.During the press time, the volatility made it clear that there was no control by any firm market’s direction while BTC/USD continued fluctuating around $27,000.

According to the report by Cointelegraph earlier that day, Bitcoin made any new records with the latest moves of the cryptocurrency which also include passing a market cap of $500 billion for the 1st time. Additionally, Monday will witness the biggest gap ever created in the futures market of Bitcoin.

Since overcoming the resistance of $24,000, Bitcoin has been trading in uncharted territories with just sell levels which created fiction in a parabolic market that is becoming increasingly parabolic day by day.

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With the institutional investors on a break, people are turning towards the retail buyers for fuelling the current phase of Bitcoin’s bull run. Michael Poppe, Market analysts stated that the bull cycle within the bull cycle has already started with more players getting adopted towards cryptocurrencies and Bitcoin. Michael Poppe is eyeing the $19,500 as the probable retracement zone along with altcoins ready for benefitting from the example of Bitcoin price volatility once their gains slow down.

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