Bitcoin price trimmed over $1,700 within two hours due to pressure from sellers near $20,000. Ether also crashed below $570. On December 1, traders were looking for volatility, and bitcoin never disappointed. After challenging $20K and peaking at $19,924, bitcoin hit lows of under $18,300 within two hours.
Data acquired from TradingView tracked the BTC/USD pair as it delivered some of its most unpredictable movements since its inception. At the time of writing, the crypto is highly volatile in a range bordered by $18,300 and $19,000, and conditions changing by the minute.
An attempt to explode above $20,000 collapsed resulting in a firm rejection along with a $1,000 plunge to $19,000 in under ten minutes. This move mimics Bitcoin’s behavior from the past week when an initial attempt to rise above $19,500 also resulted in major rejection and volatility.
As reported on November 30, traders now might be watching the newly established BTC futures gaps, formed between $16,900 and $18,300. These gaps may get ‘filled’ if the BTC price corrects further.
Ether Price Underperforms At Ethereum 2.0 Launch
In the meantime, volatility spilled over to the altcoin world. Ether abruptly lost $600 to trade below $570 at the time of writing mirroring bitcoin’s movements. The biggest altcoin has therefore reversed yesterday’s gains.
This market performance has put a dampener on the launch of Ethereum 2.0, Ether’s parent network’s much-awaited protocol upgrade.