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BTC/USD seesaws around $12,500 after latest drop turned Coinbase offline

  • BTC/USD fails to hold the 17-month top, plunges close to $2,000 before trading modestly flat.
  • The Coinbase couldn’t sustain the price crash and went offline.
BTC/USD seesaws around $12,500 after latest drop turned Coinbase offline
Anil PanchalAnil PanchalFXStreet

Bitcoin sellers sneaked in around the highest level since January 2018 and triggered the Coinbase terminals' crash during early morning in Asia before the BTC/USD pair takes the rounds close to $12,500.

The cryptocurrency pair surged to the high of $13,862 on Wednesday prior to trimming almost $2,000 to flash the low of $11,640 by the day-end/early Asia.

The US-based cryptocurrency exchange Coinbase couldn’t handle flux of sellers and went off-line with the statement saying "An error has occurred. We've been notified about the issue and are taking a look."

However, around 09:00 PM GMT, the Coinbase further reported that fix for the outage has been implemented while the results are being monitored.

Technical Analysis

While recent highs surrounding $14,000 round figure may act as an immediate resistance, January 2018 top surrounding 17,200 could be next on the bulls’ radar.

On the downside, January 20 high around 13,000 and last week’s peak near $11,266 can lure sellers during the pullback

Author

Anil Panchal

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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