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Down $500 in Minutes: Bitcoin Rally Stalls As Price Rejected Above $9K
Bitcoin's price pierced $9,000 earlier today for the first time in over a year but quickly retreated to price levels sub $8,600.
By Sam Ouimet
Updated May 2, 2022, 4:02 p.m. Published May 30, 2019, 6:38 p.m.
Bitcoin’s price peaked above $9,000 for the first time in over a year earlier today, but the rally was short lived as its price returned below $8,600 just minutes later.
At 16:00 UTC, the world’s largest cryptocurrency jumped 4.6 percent from today's UTC opening price of $8,681 and climbed as high as $9,084 – its highest price since May 10, 2018, according to CoinDesk pricing data.
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However, sellers quickly halted the rally, causing the price of bitcoin to drop more than $500 to $8,548 in just 30 minutes after reaching today’s high.
In all, Messari data reveals $26.3 billion in reported bitcoin volume has traded hands so far today.
The broader cryptocurrency market also felt the pull of gravity shortly after climbing to a 10-month high of $285.8 billion in total capitalization.
Highly ranked cryptocurrencies such as tron (TRX), litecoin (LTC), and EOS (EOS) are all reporting losses greater than 3 percent after initially being a few percent in the green before the market wide dip.
That said, some cryptocurrencies are still reporting 24-hour growth. The prices for dogecoin (DOGE) and Bitcoin SV (BSV) - both top 20 cryptocurrencies by market cap - are still up more than 5 percent on the day.
What's more, today's pullback has hardly put a dent in an impressive performance from crypto bulls this month, with bitcoin still reporting month-to-date gains of roughly 63 percent at the time of writing.
Disclosure: The author holds several cryptocurrencies. Please see his author bio for more information.
Roller coaster image via Shutterstock
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