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.

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

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ripple, Ethereum: Opportunity in Bitcoin for bargain hunters

First, the strong bullish move yesterday by Bitcoin, which gained more than $1,000 in 60 minutes. The movement has placed the BTC/USD pair above all major moving averages and opens the door to further rises in the absence of relevant resistance.

More Bitcoin News

Ripple’s XRP recovery from April lows marks the beginning to breakout

Ripple has dived massively from the recent highs. The breakout above both the 50 Simple Moving Average (SMA) 1-D and the 100 SMA 1-D propelled XRP past critical hurdles. For the first in 2019, the price exchanged hands above $0.5. 

More Ripple News

Litecoin market overview: LTC/USD oversold and ready to bounce

Litecoin is showing signs of exhaustion from the downtrend experienced from the beginning of July. Recovery to June highs around $146 has been impossible with the path of least resistance having an affinity to the south.

More Litecoin News

Ethereum 2.0 January 3, 2020 launch date remains unconfirmed

The Ethereum ecosystem is preparing for what is known as the biggest milestone for the network, Ethereum 2.0. The new protocol is still in the development stages and researchers have recently told the community that it is possible that there will be a delay in the launch.

More Ethereum News

Bitcoin Weekly Forecast: bulls lick wounds after major sell-off

The cryptocurrency market has lived through a dreadful week as Bitcoin(BTC), and all major altcoins crashed below several important support levels. 

Read the weekly forecast