The price of the world's most popular cryptocurrency briefly touched $9,000 per Bitcoin on Thursday before tumbling back down nearly as quick as it rose.

After spending much of 2018 crashing back to earth, Bitcoin as been on the rise since mid-February, but hit a stumbling block as it accelerated toward a tripling of its value and a price of $10,000 in less than four months.

The price of a single Bitcoin suddenly shot up to hit $9,005 just after noon, Eastern Daylight Time, according to CoinMarketCap.

But that seemed to be a threshold that lots of potential sellers were waiting for. Within twenty minutes of peaking, Bitcoin dipped to a price just below where it had been an hour previously. It was as if the brief spike had never happened, except for those who took advantage of the moment and took some profits. 

Over the past several weeks, there have been a series of other sudden price jumps pushing the price higher at an accelerating pace. But the rejection that the cryptocurrency saw pushing past $9,000 is one of the most harsh seen during this bullish build-up.

The last time Bitcoin was over $9,000 prior to this week was last May. But at the time it was on its way down from historic high prices that pushed near $20,000 at the end of 2017. 

It's hard to say what drives the price of cryptocurrencies, although there is always talk of traders with huge stashes -- so-called 'whales' -- moving the market and major investment names like Fidelity have also been dipping their toes in.

Published on: May 30, 2019
The opinions expressed here by Inc.com columnists are their own, not those of Inc.com.