The Christmas climb is briefly interrupted by a sudden crash, but Bitcoin is already eyeing $30,000.
Today, December 27, Bitcoin (BTC) initially climbed to a new record high of $28,400 before a sudden crash followed.
1,900 US dollar loss in a few minutes
As data from Cointelegraph Markets, Coin360 and TradingView shows, Bitcoin had first climbed sharply on the Sunday after Christmas, only to lose large portions of its gains in just a few minutes.
After a daily gain of up to 15% could be retraced, heavy selling pressure arose above the $28,000 mark. In the end, the upswing could not withstand this, whereby it went back for the price to a low of 26,500 US dollars.
At the time of going to press, volatility continues to prevail around the $27,000 mark, making it unclear where it is headed next.
Analyst: „record run of record runs“
As Cointelegraph reported earlier today, Bitcoin has reached several new milestones with its price jumps over the past few days. For example, yesterday the market-leading cryptocurrency cracked a market capitalization of $500 billion for the first time.
In addition, Monday should see the largest futures gap ever for Bitcoin.
Since breaking above resistance at $24,000, BTC has been moving in uncharted waters, as there is no longer any calculated resistance to the upside. Only natural selling pressure can still create resistance.
With institutional investors currently slacking a bit, the focus is all the more on retail investors to maintain Bitcoin’s uptrend.
„The record run among record runs has begun,“ as Cointelegraph Markets expert Michaël van de Poppe optimistically summarizes the current situation on Twitter.
To that effect, he sees the $19,500 area as a possible zone for an eventual retracement, with altcoins benefiting from such a scenario.
The order book of market-leading crypto exchange Binance suggests that the $30,000 mark is likely to see the next major selling pressure.