Bitcoin price fell off its peak close to $5500 to head towards older $5000 support April 11 after a late fresh surge abruptly ran out of steam.


$5500 A Push Too Far

Data from cryptocurrency exchange Bitstamp, which provides Bitcoin price data often slightly more conservative than other platforms, shows BTC/USD 00 has dropped below $5200 at press time Thursday.

Bitcoin, which experienced a sudden rally of around $1300 last week, has broadly held on to its new gains.

Despite news China was intending to outlaw mining, this week saw the trend continue, with Bitcoin price hitting a local high of $5440 on Bitstamp before turning back to shed several hundred dollars in minutes.

The $5000 mark now lies around $150 away, Bitcoin having last traded below that level on April 7.

How Low Can It Go?

Correspondingly, online commentators were showing signs of misgivings about short-term price potential.

“On a daily scale, the dynamic is turning into a sideways trend, the bullish momentum might be… out of steam,” one analyst wrote in…

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Source: https://thebitcoinnews.com/bitcoin-price-5000-support-is-now-critical-as-bull-run-fizzles/