Bitcoin (BTC) fell to $ 13,300 on October 28 after refusing to test the resistance level in 2019.
Data from the Cointelegraph, Coin360 and TradingView markets shows that volatility increased on Wednesday after BTC / USD hit $ 13,850.
After failing to reach $ 14,000, uncertain circumstances prevailed, resulting in a short-term drop to $ 13,300 at time of publication.
The bounce that followed showed that $ 13,400 was the focus of attention, and that the sudden ups and downs continued to dominate the market.
An unusually large Coinbase exchange took place on Wednesday from an unknown wallet, which may indicate an incoming sale that includes 1,072 BTC ($ 14.6 million). This was followed by several large transactions with identical amounts, as well as larger transactions that were tracked by monitoring the Whale Alert resource.
As Cointelegraph reported, the $ 1 billion deal on Tuesday appears to be linked to Coinbase.
For analysts, however, there was a clear distinction between the short-term price action and its long-term consequences. For some, Bitcoin has already proven its maturity as an asset, and additional profits are almost guaranteed in the coming months.
As noted by Cointelegraph, Real Vision CEO Raul Pal has publicly stated that Bitcoin will challenge $ 20,000 full-time within three months.
Meanwhile, analyst Mikael van de Poppe at Cointelegraph Markets stressed the importance of winning $ 14,000 and providing support. On the other hand, $ 13,000 should now form a significant support area.