Shortly before $14,000, the BTC/USD pair fell and is currently holding at just under $13,200.
Bitcoin (BTC) fell to below $13,300 on 28 October, after testing its resistance since 2019 and breaking away from there.
Development crypto currency market on Coin360
Data from Cointelegraph Markets, Coin360 and TradingView show increasing volatility on Wednesday after the BTC/USD pair reached $13,850.
When it failed to reach $14,000 it became uncertain. As a result, the pair slumped to below $13,300.
In a subsequent recovery, $13,400 became a key point. There were repeated increases and decreases.
On Wednesday, an unusually large transaction took place on the Coinbase exchange, which was based on an unknown wallet. It is expected to result in a sale worth 1,072 BTC (14.6 million US dollars). Previously, there were several large transactions of the same amount and larger transactions that were tracked by the Whale Alert monitoring service.
Cointelegraph reported that there was a $1 billion transaction on Tuesday that could be attributed to Coinbase.
However, analysts make a clear distinction between short-term price movements and their longer-term effects. Some believe Bitcoin has already proven its maturity as an asset and further growth in the coming months is virtually guaranteed.
As Cointelegraph explained, Raoul Pal, CEO of Real Vision, said publicly that Bitcoin will rise to its all-time high of $20,000 within three months.
Cointelegraph Markets analyst Michaël van de Poppe, on the other hand, stressed the importance of breaking $14,000 and making this level a support. The level around 13,000 US dollars, on the other hand, should now act as an important support zone.
Translated with www.DeepL.com/Translator (free version)