Crypto market update: Bitcoin (BTC) and its peers spike 5% lower within minutes

  • Bitcoin plummeted late in the session Wednesday to give back much of its gains.
  • BTC/USD and peers dropped some 5% within minutes, after being hit with hard rejection again at a key area of resistance.


Bitcoin (BTC) price and its peers late in the session took a hit by a strong unexpected wave of sellers. BTC/USD plummeted a chunky 5%, giving back most of the session’s advances, on Wednesday. The price was trading around session highs before dropping.

The fall led my Bitcoin was seen across the board with many of its peers. The tandem move came after seeing several cryptocurrencies testing key areas of resistance, which are big barriers ahead of further potential explosive moves north.

At the time of writing, BTC/USD had recovered some of the initial damage but still appears to be vulnerable. Support is seen around $5100, the last major barrier ahead of a potential retest of the big psychological $5000 mark, which has proven to be the bottom of late.

BTC/USD 15-minute chart

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

Bitcoin price prediction: November fails to impress, what about an action-filled December 2019?

Bitcoin is staring into a bottomless pit mid though the month of November. The past two years have seen Bitcoin start to stir movement upwards in November.

More Bitcoin News

The cryptocurrency market update: Bitcoin and major altcoins recover from early losses

The cryptocurrency market is navigating a sea of red on Friday. Bitcoin and all major altcoins are nursing losses both on a day-to-day basis and since the beginning of the day.

More Cryptocurrencies News

XRP/USD on the verge of a falling wedge pattern breakout

Ripple is trading below a key support week-long support at $0.27. The selling pressure on Thursday forced the price lower refreshing the levels towards $0.26. XRP commenced the trading on Friday at $0.2679 and touched a high of $0.2690.

More Ripple News

Litecoin price update: LTC/USD takes back $60 support, is $65 hurdle breakable?

Litecoin is in the middle of a recovery move following the recent slide below $60. The accrued gains chopping exercise that has been going on since the week started after another failed attempt to correct towards $65.

More Litecoin News


Bitcoin Weekly Forecast: In the middle of nowhere

Bitcoin has been drifting down since the beginning of the week, as the bulls have no luck with the recovery campaign launched during the previous weekend.

Read the weekly forecast