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…