Bitcoin Retreats Below $440 as Price Support Weakens

Bitcoin prices dropped below $450 late yesterday and then continued to fall below $440 as of press time.

AccessTimeIconApr 28, 2016 at 2:10 a.m. UTC
Updated Sep 14, 2021 at 1:59 p.m. UTC
CoinDesk - Unknown
coindesk-bpi-chart (10)

Bitcoin prices dropped below $450 late yesterday and then continued to fall below $440 as of press time, breaking two key psychological levels in the span of hours.

Bitcoin dipped below $450 at 21:00 UTC on 27th April, reaching $449.89, CoinDesk Bitcoin Price Index (BPI) figures show. The digital currency quickly mounted a recovery, passing $450 at 22:00 UTC and rising to $450.80.

But, bitcoin failed to stay above $450 for long, falling to $449.89 at 22:30 UTC and dropping past $440 to reach $435.28 at 1:30 UTC. At the time of report, the digital currency was trading at $442.71.

Still, the currency’s plunge below $450 and $440 on 27th April and 28th April, respectively, contrasted sharply with the steady climb it enjoyed earlier this week, when bitcoin prices surpassed several key levels amid the latest progress toward overcoming the blockchain’s inherent capacity challenges.

Market observers suggested that $475 may be the next psychological barrier for traders, and that weak volume ahead of this level may have inhibited the price from continuing its upward momentum.

The retreat from $475 is notable given that bitcoin prices were on the cusp of reaching highs not seen since before 2015. According to BPI data, the price of bitcoin last hit $490 on 19th December, 2015, the only time it touched that figure for the year.

The price of bitcoin last exceeded $500 on 31st August, 2014.

Charles L. Bovaird II is a financial writer and consultant with strong knowledge of securities markets and investing concepts.

Follow Charles Bovaird on Twitter here.

Markts image via Shutterstock


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.

Read more about