Bitcoin rallies to $9,000 and then plunges

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At some point during the last 24 hours, possibly while you were sleeping — it depends where you live — bitcoin rallied to $9,000. However, only minutes later its price dropped to below $8.600.

According to Coindesk’s price data, “At 16:00 UTC, the world’s largest cryptocurrency jumped 4.6 percent from today’s UTC opening price of $8,681 and climbed as high as $9,084 — its highest price since May 10, 2018.” However, sellers quickly brought the rally to a halt, causing the price of bitcoin to drop more than $500 to $8,548 in just 30 minutes after reaching the high of $9,000. Data from Messari indicates that so far today, the volume of bitcoin traded today reached $26.3 billion.

There was a knock-on effect on the other cryptocurrencies, with litecoin and EOS also falling in price. At the time of writing, litecoin had dropped by just over 9%, XRP by 10% and ETH by 11%. These are considerably larger drops than that experienced by bitcoin. Some are showing growth, with Dogecoin and Bitcoin SV both being up 5% on the day.

However, Coindesk says, “today’s pullback has hardly put a dent in an impressive performance from crypto bulls this month, with bitcoin still reporting month-to-date gains of roughly 63 percent at the time of writing.”

CCN reporting on the same topic, said, “Dump or not, crossing $9,000 — even momentarily — marks an important psychological step in bitcoin’s long road back to its all-time high. Bulls were quick to point out that the cryptocurrency’s fundamentals are much stronger today than they were the last time it traded above that level.”

Naeem Aslam, the chief market analyst at ThinkMarkets also remained bullish about the event: “Technically speaking, I think bitcoin price is likely to blast through level of 10K this week or by next week if the momentum continues at this pace.”

So it’s not all bad then!

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