Bitcoin (BTC) price shortly breaks $9000 before falling back

30 May, 2019 | Updated: 30 May, 2019
by David Robb
Breaking News
Bitcoin (BTC) price shortly breaks $9000 before falling back

After briefly and unsuccessfully testing the level earlier in the week, Bitcoin broke past the $9000 mark today. Shortly after, BTC dropped back to the $8600 levels again, now stabilizing just above $8700. 

 

BTCUSD chart by TradingView

Gains of around 4 percent for the 24h period pushed the BTC price past $9000 on most exchanges. Binance's BTC/USDT pair followed shortly after Bitfinex, Coinbase and other USD pairs. 

BTCUSDT chart by TradingView

However, this big move up past the important $9000 level was quickly reversed, and the BTC price has now returned to the $8700-$8800 level that it has been trading at for most of the week.

The surge past $9000 was accompanied by a huge spike in trading volume, to a level similar to that which was seen earlier in the week when BTC rocketed up to its current price from just below $8000. 

Although the spike was significant, it wasn't on the same level as others that have been seen recently, such as the aforementioned $700 gain, or two jumps of over $800 towards $8000 that confirmed the bull market for many traders. 

The rejection from this psychological barrier may have been rapid, but the upside breakout from this consolidation should still be a good sign for the future. The last time BTC was at $9000 was at the start of May 2018.

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Read more about: Bitcoin (BTC)

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