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

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Bitcoin (BTC) hit all-time highs of $28,400 before crashing thousands of dollars on Dec. 27 — the latest chapter in its Christmas trading frenzy.

Bitcoin price crashes by 6.5% in minutes after hitting $28.4K sell wall
Cryptocurrency market overview. Source: Coin360

BTC price dips $1,900 in minutes

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

After topping 15% 24-hour gains, Bitcoin encountered heavy selling pressure above $28,000. Unable to sustain its extremely rapid upwards trajectory, the largest 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 around $27,000.

BTC/USD 1-minute candle chart (Bitstamp). Source: TradingView

Analyst: “Bull run of bull runs has started”

As Cointelegraph reported earlier in the day, Bitcoin set a number of records with its latest moves, including passing a $500 billion market cap for the first time.

In addition, 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 an increasingly 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.

Van de Poppe continued to eye $19,500 as a possible retracement zone, with altcoins in line to benefit from Bitcoin’s example once its own gains slow — potentially next month.

Bitcoin price crashes by 6.5% in minutes after hitting $28.4K sell wall
Binance order book heatmap. Source: Material Indicators

Binance order book data meanwhile shows that a formidable sell wall at $30,000 will likely be the next major hurdle for the BTC bulls.