Bitcoin’s price peaked above $9,000 for the first time in over a year earlier today, but the rally was short lived as its price returned below $8,600 just minutes later.

At 16:00 UTC, the world’s largest cryptocurrency jumped 4.6 percent from today’s UTC opening price of $8,681 and climbed as high as $9,084 – its highest price since May 10, 2018, according to CoinDesk pricing data.

However, sellers quickly halted the rally, causing the price of bitcoin to drop more than $500 to $8,548 in just 30 minutes after reaching today’s high.

In all, Messari data reveals $26.3 billion in reported bitcoin volume has traded hands so far today.

The broader cryptocurrency market also felt the pull of gravity shortly after climbing to a 10-month high of $285.8 billion in total capitalization.

Highly ranked cryptocurrencies such as tron (TRX), litecoin (LTC), and EOS (EOS) are all reporting losses greater than 3 percent after initially being a few percent in the green before the market wide dip.

That said, some cryptocurrencies are still reporting 24-hour growth. The prices for dogecoin (DOGE) and Bitcoin SV (BSV) – both top 20 cryptocurrencies by market cap – are still up more than 5 percent on the day.

What’s more, today’s pullback has hardly put a dent in an impressive performance from crypto bulls this month, with bitcoin still reporting month-to-date gains of roughly 63 percent at the time of writing.

Disclosure: The author holds several cryptocurrencies. Please see his author bio for more information. 

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This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.