Wild BTC volatility kicks in again as the main cryptocurrency dropped by 7% in one hour. The price of the coin yesterday shocked the finance world after it reached a new all-time high but with the resistance around the same level going strong and with many crypto investors in profit, the FOMO caused some wild BTC volatility for the asset as we are reading more in the latest cryptocurrency news.
This morning, after yesterday’s peak, a rejection sent the BTC price down by 7% in less than an hour and erased a thousand dollars from the cryptocurrency. During the early hours of Tuesday morning, before the US stock market opened, the BTC price hit a new peak with preparations to start a new increase to a new all-time high. However, a rejection at the level sent the benchmark crypto tumbling down by $1500 and is now trading at $18,450 at the time of writing,
With the high volatility and prices swinging out of control, there’s no telling what the price of BTC will be tomorrow for sure. The price action is moving quickly as a result of the strong buying pressure caused by the world learning BTC set a new record, after three years of meeting sizeable profit taking when the whales were in the green. The sell-off that was caught in the mid-timeframe support is now set at $18,400 so if the key support level can hold, the number one crypto asset by market cap will take off to another high.
The high timeframe indicators are now extremely overheated and some of the analysts out there warned that a new top is near. However, Bitcoin is known to surprise and it is a bull market out there with unique factors that can make the cryptocurrency more bullish than ever. The perfect storm narrative of the inflating money supply and gold’s swings in value could create a new situation where no level of overbought conditions can cause the price of the cryptocurrency to reset. Regardless, it’s now time to pay much attention because if there’s potential for a reversal, it can happen at any moment now, with the loss of the support level mentioned above.
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