Yesterday’s Bitcoin price shocked the financial world with a new all-time high. Given the continued strong resistance in this area and the fact that so many cryptocurrency investors are making profits by 2020, extreme FOMO and profit taking are causing wild volatility leading to more than $ 1,000 intraday movements.
That is exactly what happened this morning when, after re-examining yesterday’s high, a rejection increased the price per BTC dive by 7% in less than an hour and exceeded much of the price of the highest cryptocurrency.
Bitcoin sees a $ 1,500 rejection as it retests its new all-time high
In the early hours of Tuesday morning before the US stock market opened, Bitcoin price hit another high – an accomplishment that should be commonplace from now on.
But a rejection at the high dropped the leading cryptocurrency by market cap by $ 1,500, trading at $ 18,450 at the time of this writing. With such high volatility and prices spiraling out of control, there’s no telling what the price per BTC will be at the time of publication.
Related reading | Bitcoin is targeting a Fib level of USD 25,000 with a new all-time high
The price moves move so fast because of the tremendous buying pressure caused by learning the world. Bitcoin set a new record after being close to the market for three years, earning significant profit-taking from whales sitting in the open.
Bitcoin was rejected from its all-time high, suffering a $1,500 loss in an hour | Source: BTCUSD on TradingView.com
The sell-off was caught in the middle of the timeframe at around $ 18,400. If the key support level can hold, the leading cryptocurrency by market cap will soar towards another high.
High time frame indicators are getting extremely overheated and even some of the world’s best analysts are now warning that a top is near. But this is Bitcoin, and it’s a bull market with unique factors that make the cryptocurrency more bullish than ever this time around.
Related reading | Why the double top narrative doesn’t make sense in Bitcoin
The perfect storm story of an inflatable money supply, gold that looks archaic by today’s digital standards, and governments losing control of monetary policy could result in a situation where overbought conditions cannot cause the crypto price movement to Assets is reset.
Regardless of how John Bollinger warns, it is time to be vigilant because if there is the potential for a reversal it will happen today with the loss of the level of support described above.
Featured image from Deposit Photos, Charts from TradingView.com