Bitcoin Drops Back to $5K Price Support After Failed Breakout

[MathGame]

https://www.coindesk.com/bitcoin-drops-back-to-5k-support-after-failed-breakout-2

Bitcoin (BTC) has fallen back to support at $5,000 after a failed breakout Wednesday.

The number one cryptocurrency by market valuation made a strong bullish break from an ascending triangle pattern yesterday evening at 18:00 UTC, reaching a peak of $5,488 on the Coinbase exchange. However, that move was quickly rejected and an increase in selling pressure on today’s open laid the pathway for bitcoin to slide, first to $5,200 overnight, then quickly to $5,018 soon before press time.

[1715189058]

1715189058

[1715189058]

1715189058

[1715189058]

1715189058

[jossiel]

I saw it when I woke up broke $5,400 but it dropped so fast and I was kind of confident that it will go on so I didn't do anything but went back to sleep. I guess $5,000 shall be called the new support of bitcoin but many speculators are still pulling the price that it can go as low as $3,000.

This is becoming typical that whenever we get a raise, the market will start to dip a bit and will come back suddenly for another quick pump.

[mikeywith]

I saw it when I woke up broke $5,400 but it dropped so fast and I was kind of confident that it will go on so I didn't do anything but went back to sleep. I guess $5,000 shall be called the new support of bitcoin but many speculators are still pulling the price that it can go as low as $3,000.

This is becoming typical that whenever we get a raise, the market will start to dip a bit and will come back suddenly for another quick pump.

if you are not a long term investor then you must learn how to take profit , price won't keep going in one direction forever, 5400$ was an excellent price to sell for , that was a 60% increase from the last low , day traders and short term investors will take profit and price will drop, that's normal, it will always happen.

as for the 5000$ it does not make sort of support, the only proper support below 4950$ which is very weak will be at 4.6k  and the stronger one is at 4.2k-4.3k.

good luck.

[LimLims]

https://www.coindesk.com/bitcoin-drops-back-to-5k-support-after-failed-breakout-2

Bitcoin (BTC) has fallen back to support at $5,000 after a failed breakout Wednesday.

The number one cryptocurrency by market valuation made a strong bullish break from an ascending triangle pattern yesterday evening at 18:00 UTC, reaching a peak of $5,488 on the Coinbase exchange. However, that move was quickly rejected and an increase in selling pressure on today’s open laid the pathway for bitcoin to slide, first to $5,200 overnight, then quickly to $5,018 soon before press time.

Well like you,  many had the same mixed expression.
I mean alll become completely stunned after seeing the growth of Bitcoin in the past few days and now too completely shocked when this took the reverse gear.
The BTC price goes up when the trade volume is more. I mean when more people buy the coin. This gain the huge demand of the coin and therefore the supply is less for which the price rises up.
Let's wait for the best now and wish bitcoin will be as high as it wad in the late 2017.
Good luck to us.

[Tytanowy Janusz]

https://www.coindesk.com/bitcoin-drops-back-to-5k-support-after-failed-breakout-2

Bitcoin (BTC) has fallen back to support at $5,000 after a failed breakout Wednesday.

The number one cryptocurrency by market valuation made a strong bullish break from an ascending triangle pattern yesterday evening at 18:00 UTC, reaching a peak of $5,488 on the Coinbase exchange. However, that move was quickly rejected and an increase in selling pressure on today’s open laid the pathway for bitcoin to slide, first to $5,200 overnight, then quickly to $5,018 soon before press time.

5000 support... yea... 3200/4200 zone is strong support and 5600-6200 zone is strong resistance not 5000. Your support is for 1h candle small volume traders who are not able to push price in any direction only create +- 2-4% move. Nothing will happen if it will break. Nothing will happen if it will hold.

[okala]

Yeah I was so surprise when is saw the price of bitcoin sitting at $ 5400/and above I was thinking bitcoin have break out of it bearish movement but that rise was not for long before it decline back to $5000 and even struggling between $4800 to $5050 at the moment the crypto giant is really struggling with market fluctuations.

[Cherylstar86]

Yeah I was so surprise when is saw the price of bitcoin sitting at $ 5400/and above I was thinking bitcoin have break out of it bearish movement but that rise was not for long before it decline back to $5000 and even struggling between $4800 to $5050 at the moment the crypto giant is really struggling with market fluctuations.

 Due of high market volatility it is customize that the value of bitcoin or even of some coins are affected, it is matter on how we deal and acknowledge the current situation to be fierce for every possible outcome. Somehow, the rescent pump has shown a good sign for us to speculate a big bull run by this 2019, but dump lately, maybe it occurence will be delay.

[Albert Smith]

https://www.coindesk.com/bitcoin-drops-back-to-5k-support-after-failed-breakout-2

Bitcoin (BTC) has fallen back to support at $5,000 after a failed breakout Wednesday.

The number one cryptocurrency by market valuation made a strong bullish break from an ascending triangle pattern yesterday evening at 18:00 UTC, reaching a peak of $5,488 on the Coinbase exchange. However, that move was quickly rejected and an increase in selling pressure on today’s open laid the pathway for bitcoin to slide, first to $5,200 overnight, then quickly to $5,018 soon before press time.

5000 Support... 3200/4200 zone is support and 5600-6200 zone is resistance. Your support is for 1h candle small volume traders who are not able to push price in any direction only create +- 2-4% move. Nothing will happen if it will break. Nothing will happen if it will hold.

Anything up to $6000 is only very light resistance, we dropped down from $6k so fast there hasn't been much history between $5k and $6k historically.  Breaking $6k will take some time.

[Slow death]

sometimes the price dropped to less than $ 4900, and I'm not seeing it go up much, so I believe the price would stay in the range of $ 4500 to $ 5400 for some time before touching the $ 6000

Yeah I was so surprise when is saw the price of bitcoin sitting at $ 5400/and above I was thinking bitcoin have break out of it bearish movement but that rise was not for long before it decline back to $5000 and even struggling between $4800 to $5050 at the moment the crypto giant is really struggling with market fluctuations.

$5000 still is a very good price in relation to $3400 that had months ago. I think we have to be grateful to see the price of $5000

Let's wait for the best now and wish bitcoin will be as high as it wad in the late 2017.
Good luck to us.

I think we'll only see $20,000 in 2 years

[kryptqnick]

https://www.coindesk.com/bitcoin-drops-back-to-5k-support-after-failed-breakout-2

Bitcoin (BTC) has fallen back to support at $5,000 after a failed breakout Wednesday.

The number one cryptocurrency by market valuation made a strong bullish break from an ascending triangle pattern yesterday evening at 18:00 UTC, reaching a peak of $5,488 on the Coinbase exchange. However, that move was quickly rejected and an increase in selling pressure on today’s open laid the pathway for bitcoin to slide, first to $5,200 overnight, then quickly to $5,018 soon before press time.

I think it's not a big deal. Bitcoin only recently made a successful run for $5k. It's simply early to break another barrier yet. Stabilization around $5k is still a pretty good thing IMO. People are right that $6k is a serious barrier, so it will take some time. We have to learn to be patient with this market. It's okay for prices to fluctuate and for Bitcoin not to move forwards too fast. Otherwise it will go down eventually even faster, and that's not something we want, is it? Gradual confident steps are way better in the long run. And they make the coin stronger.

[dothebeats]

It's just a normal market reaction to not do a push after the FOMO and hype has died out. We have tried to cross the $5500 resistance but it was immediately met with sell orders and we have seen ourselves tumbling down back to the low $5000 support levels. I highly think that we will remain grounded to $5000 in the next few weeks since there's no reason for a breakout anytime soon. As I've said before, the market conditions are still bleak to support a full-blown bull run and the recent rise just happened due to someone intentionally buying $100-M worth of bitcoins in different exchanges, at once.

[suzanne5223]

https://www.coindesk.com/bitcoin-drops-back-to-5k-support-after-failed-breakout-2

Bitcoin (BTC) has fallen back to support at $5,000 after a failed breakout Wednesday.

The number one cryptocurrency by market valuation made a strong bullish break from an ascending triangle pattern yesterday evening at 18:00 UTC, reaching a peak of $5,488 on the Coinbase exchange. However, that move was quickly rejected and an increase in selling pressure on today’s open laid the pathway for bitcoin to slide, first to $5,200 overnight, then quickly to $5,018 soon before press time.

The market trend is normal and we can all have the same point of view which the reason why some people are fine with their current profit. However, the market seems to stronger at the $5000 price range despite the capital is preparing to close for the weekend which I believe it still a good sign that the demand level in the market is high.

[snipie]

However, the market seems to stronger at the $5000 price range despite the capital is preparing to close for the weekend which I believe it still a good sign that the demand level in the market is high.

Bitcoin price is resisting above $5000 most of the time from days which is a very good sign
Waiting to see +$6000 soon!

[NeuroticFish]

Bitcoin price is resisting above $5000 most of the time from days which is a very good sign
Waiting to see +$6000 soon!

Exactly. The drop was expected and we are still at good levels. I was fearing much bigger drop. Of course, anything can still happen, but now we can hope for another jump.
However, strange things can happen during the week-end...

[Adriano2010]

Anything is possible, but i think the price will go more up if not coming a lot of people and start selling their coins on market, so better wait in my opinion because is high chance for another higher grow.

[Hannahanto]

Yesterday's price fall was due to NY's announcement on accepting Bitstamp and denying Bittrex in New York. Bittrex has 15 days more to settle down 25k to its customers from New York. Its good to see that the news did not affect the market too much. Current growth status is stable and good.

[jossiel]

I saw it when I woke up broke $5,400 but it dropped so fast and I was kind of confident that it will go on so I didn't do anything but went back to sleep. I guess $5,000 shall be called the new support of bitcoin but many speculators are still pulling the price that it can go as low as $3,000.

This is becoming typical that whenever we get a raise, the market will start to dip a bit and will come back suddenly for another quick pump.

if you are not a long term investor then you must learn how to take profit , price won't keep going in one direction forever, 5400$ was an excellent price to sell for , that was a 60% increase from the last low , day traders and short term investors will take profit and price will drop, that's normal, it will always happen.

as for the 5000$ it does not make sort of support, the only proper support below 4950$ which is very weak will be at 4.6k  and the stronger one is at 4.2k-4.3k.

good luck.

Yes mikeywith that's right, I'm not a short term investor so I'm good though I felt bad that I didn't get a chunk of profit by that time. I believe that we'll be hitting it once again. I was very sleepy by that time so I didn't act accordingly for the few btc that I've got.

Well, there's always a next time for it.

[timerland]

I agree with Slow Death here, we should see quite a bit of sideways movement before a breakout actually occurs, around the $5k level.

It'll be interesting to see whether the $5k support holds up. If it does then the recovery from this correction could take a lot less time given the fact that the market right now is still somewhat bullish.

On the other hand though, if $5k doesn't hold up as support then we could see prices regress further in the short term. Although, I do not expect it to go under the $3k zone in any instance despite what other people (*Vinny Lingham*) have said. That should be the bottom of this bear market, and the medium term trajectory currently should be upward as we've entered that phase of the cycle.

[exstasie]

It'll be interesting to see whether the $5k support holds up. If it does then the recovery from this correction could take a lot less time given the fact that the market right now is still somewhat bullish.

There's no real support at $5K. In all of Bitcoin's history, we only have one weekly pivot there (it was a local top on the way up in 2017). If we hold/consolidate here and move on to new highs next week, it might go a long way in establishing new S/R at $5K though.

If we keep declining here, the only obvious support level in sight is $4,200. That's why it's dangerous to go long here even if we're headed for $6K.

[hyunee]

I thought that the price support is $4800? I think that we should get max profit at $5800 to $6000 and probably we'll get a dump for that. But I'm certain that the price of bitcoin will be $10k this year since the CEO of Bitmex says so.