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Bitcoin (BTC) fell close to psychological support at $ 5,000 after a failed escape on Wednesday.
The number 1 currency cryptocurrency sharply broke the rising triangle last night at 18:00 UTC, peaking at $ 5,488 on the Coinbase swap.
However, this decision was quickly dismissed and increased pressure on today's sales paved the way for the slide of bitcoin, to $ 5,200 overnight, then quickly to $ 5,018 shortly before publication.
At the time of going to press, bitcoin is trading at $ 5,068, down more than 3% for the session, according to CoinDesk's pricing data.
The downturn may have now cast a key in a bull market context that seemed likely to propel prices to heights never seen since the end of last year. If the breakup of the Bitcoin triangle had succeeded, it was planned to increase to $ 5,800. Bitcoin however did not reach this goal of USD 300, as the volume of buyers was insufficient that day.
However, not everything is lost. If prices remain above $ 5,000 at today's close, the bullish chart structure will be intact. In the future, we can expect the bulls to show up again, even after a short consolidation period.
Bitcoin taking a shot, the market of the crypto at large also flashes red at the time of publication. Other data, such as ether and XRP, are far worse than bitcoin, recording 24-hour losses of 7.46 and 5.85%, respectively, according to CoinMarketCap data.
Disclosure: The author currently holds BTC, TRX and BTT.
Bitcoin image via Shutterstock
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