Bitcoin has fallen back close to psychological support at $5,000 after a failed breakout Wednesday.
That move was quickly rejected and an increase in selling pressure on today's open laid the pathway for bitcoin to slide, first to $5,200 overnight, then quickly to $5,018 soon before press time.
At press time, bitcoin is trading at $5,068, down over 3 percent for the session, as per CoinDesk price data.
The drop may now have thrown a spanner into a bullish market setup that had looked likely to propel prices to highs not seen since late last year.
Had bitcoin's triangle breakout succeeded, a measured move to $5,800 was on the cards.
Bitcoin fell $300 short of that target as buyer volume fell short on the day.
If prices remain above $5,000 at today's close, the bullish chart structure will be intact.
With bitcoin taking a hit, the wider crypto market is also flashing red at press time.
Other top tokens, such as ether and XRP are fairing worse than bitcoin, posting 24-hour losses of 7.46 and 5.85 percent, respectively, according to CoinMarketCap data.
Disclosure: The author currently holds BTC, TRX and BTT. Bitcoin image via Shutterstock.
Bitcoin Drops Back to $5K Price Support After Failed Breakout
Published on Apr 11, 2019
by Coindesk | Published on Coinage
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