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

Briefly challenging $14,000 produced major volatility for BTC/USD, which subsequently retreated by over $500 in hours.

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

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

Wednesday saw an unusually large transaction to exchange Coinbase from an unknown wallet, a possible sign of an incoming sale, involving 1,072 BTC. 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.

For analysts 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.

As Cointelegraph noted, Real Vision CEO Raoul Pal publicly stated that Bitcoin would challenge its $20,000 all-time highs within three months.

Cointelegraph Markets analyst Michaël van de Poppe meanwhile highlighted the significance of overcoming $14,000 and flipping it to support.

13,000, by contrast, should now form a major support zone.