Bitcoin price drops to $13.3K after matching peak of 2019 bull run

Bitcoin (BTC) retreated to $13,300 on Oct. 28 after a retest of its 2019 resistance levels was met with rejection. 

Cryptocurrency market overview from Coin360

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Data from Cointelegraph Markets, Coin360 and TradingView showed volatility rising during Wednesday after BTC/USD hit $13,850.

After failing to reach $14,000, uncertain conditions prevailed, culminating in a brief dip to $13,300 at press time.

A subsequent rebound saw $13,400 become a focal point, with sudden upward and downward movements continuing to characterize the market.

BTC/USD 1-day chart. Source: TradingView

Wednesday saw an unusually large transaction to exchange Coinbase from an unknown wallet, a possible sign of an incoming sale, involving 1,072 BTC ($14.6 million). This followed multiple large transactions for identical amounts, as well as larger ones tracked by monitoring resource Whale Alert.

As Cointelegraph reported, a $1 billion transaction on Tuesday appeared to be tied to Coinbase.

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For analysts, however, a clear distinction was emerging between short-term price action and its longer-term implications. For some, Bitcoin had already proven its maturity as an asset, and further gains were all but guaranteed in the coming months.