Thursday, November 26, 2020

Bitcoin price drops to $13.3K after matching peak of 2019 bull run

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Bitcoin (BTC) retreated to $13,300 on Oct. 28 after a retest of its 2019 resistance levels was met with rejection. 

Cryptocurrency market overview from Coin360

Data from Cointelegraph Markets, Coin360 and TradingView show volatility rising during Wednesday after BTC/USD hit $13,850.

After failing to reach $14,000, uncertain conditions prevailed, culminating in a brief dip to $13,300 at press time.

A subsequent rebound saw $13,400 become a focal point, with sudden upward and downward movements continuing to characterize the market.

BTC/USD 1-day chart. Source: TradingView

Wednesday saw an unusually large transaction to exchange Coinbase from an unknown wallet, a possible sign of an incoming sale involving 1,072 BTC ($14.6 million). This followed multiple large transactions for identical amounts, as well as larger ones tracked by monitoring resource Whale Alert.

As Cointelegraph reported, a $1 billion transaction on Tuesday appeared to be tied to Coinbase.

For analysts, however, a clear distinction was emerging between short-term price action and its longer-term implications. For some, Bitcoin had already proven its maturity as an asset, and further gains were all but guaranteed in the coming months.

As Cointelegraph noted, Real Vision CEO Raoul Pal publicly stated that Bitcoin would challenge its $20,000 all-time highs within three months.

Cointelegraph Markets analyst Michaël van de Poppe meanwhile highlighted the significance of overcoming $14,000 and flipping it to support. By contrast, $13,000 should now form a major support zone.