CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure. CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure.

Bitcoin breaks through $9000 resistance level, but rally short-lived

The coin managed to break through the $9,000 mark late on Thursday only for a significant sell-off to follow immediately after.

Bitcoin surged to $9,056 in the late afternoon on Thursday, breaking through the $9,000 resistance level for the first time this year.

However, the rally was short-lived, with Bitcoin almost immediately falling back down to $8,642 levels in a matter of minutes, before hitting an intraday low of $8,070 late on Thursday.

Bitcoin sell-off driven by profit-taking traders

The sell-off that saw Bitcoin fall by $986 over a five-hour period on Thursday was likely driven by profit-taking traders, with the cryptocurrency market lacking any major news that would cause such a significant fall in price.

In the wake of the sell-off, Bitcoin recovered slightly finding support at $8,300 levels and sitting at $8,316 as of 10:40 GMT on Friday.

Bitcoin crash drags down altcoins

Unsurprisingly, the 10% decline in Bitcoin’s price yesterday helped send other cryptocurrencies lower too, with several altcoins including Ethereum, EOS, Litecoin and Binance Coin losing between 10% to 8% of their value.

However, it is worth noting that Cosmos was one of the few altcoins to not follow suit, with the cryptocurrency rallying more that 7% over that period.

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CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.

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