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 Source: Bloomberg

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, Ripple, 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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