Bitcoin Sees Sharp Rejection at $48,000, Drops Nearly 5 Percent

Bitcoin Sees Sharp Rejection at $48,000, Drops Nearly 5 Percent

What was shaping to be a big weekend for bulls ended up being a flash in the pan.The largest cryptocurrency by market cap managed to reclaim the $48,000 level at 9:40 a.m. UTC on the Bitstamp exchange for the first since May 16.

The price spike ended up being extremely short-lived. After facing a sharp rejection at $48,000, Bitcoin plunged by 4.5 percent within minutes.

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