Bitcoin Price Falls

Bitcoin Falls Back To Support Level After Failed Breakout

Bitcoin (BTC) has fallen back close to psychological support at $5,000 after a failed breakout Wednesday.

The number one cryptocurrency by market valuation made a strong bullish break from an ascending triangle pattern yesterday evening at 18:00 UTC, reaching a peak of $5,488 on the Coinbase exchange.

However, that move was quickly rejected and an increase in selling pressure on today’s open laid the pathway for bitcoin to slide, first to $5,200 overnight, then quickly to $5,018 soon before press time.

At press time, bitcoin is trading at $5,068, down over 3 percent for the session, as per CoinDesk price data.

The drop may now have thrown a spanner into a bullish market setup that had looked likely to propel prices to highs not seen since late last year. Had bitcoin’s triangle breakout succeeded, a measured move to $5,800 was on the cards. However, bitcoin fell $300 short of that target as buyer volume fell short on the day.

All is not lost, however. If prices remain…

Continue reading at COINDESK.com

 

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