Bitcoin price suddenly fell $150 April 24 in an abrupt end to its latest bullish advance which has triggered a major altcoin sell-off.
Bitcoin Price Corrects From 2019 High
Data from cryptocurrency exchange Bitstamp, which traditionally offers a more conservative reading Bitcoin price, puts the largest cryptocurrency at $5470 as of press time Wednesday.
The current levels come after BTC/USD 00 lost its upward momentum at $5620, dropping 1.5 percent in a matter of minutes before bouncing off support around $5410.
That downward pressure marks Bitcoin’s first major retracement since April 11, when BTC/USD fell from the same support position – $5410 – to hit less than $5000 before slowly regaining lost ground.
As Bitcoinist reported, this week saw markets deliver the highest Bitcoin price yet for 2019, while commentators have already begun abandoning the theory that overall conditions remain bearish.
In a podcast last week, some of the best-known figures in the Bitcoin industry added weight to the concept, with analyst…