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
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
