The Bitcoin price (BTC/USD) has managed to bounce back following Thursday’s disappointing session.
Bitcoin had a difficult session yesterday, as its price dropped sharply, triggering a market-wide correction. The digital coin had reached a near 18-month high of $13,796.49 in late Wednesday trading, but eventually closed the session at $13,016.23. The coin continued its decline during the early hours of the Thursday session, when its price dropped below the $12,000 mark.
BTC spent the next few hours trying to recover from the sudden slump, but it wasn’t able to overcome the mounting selling pressure that had taken over the Thursday market. The coin experienced another plunge in the afternoon, with its price dropping below the $11,000 level. The coin fell to a five-day low of $10,491.85, before rallying to retake the $11,000 mark in late Thursday trading. BTC finished the session at $11,182.81, well below its opening level of $13,017.12.
While Bitcoin has experienced some difficulties during today’s morning trading, the coin has been able to further its recovery and move closer to retaking the $12,000 level. At the time of writing, the Bitcoin price was hovering around the $11,900 mark, according to data from digital currency tracker Coinmarketcap.
The recent correction has raised questions over whether Bitcoin could continue its run. According to Jim Iuorio, managing director of TJM Institutional Services, BTC’s rally may not be over just yet.
“I said yesterday that as long as it stayed above $10,000, I still think it has some decent upside,” Iuorio told CNBC on Thursday. “Granted, I didn’t know it was going to go back and test that $10,000 [level] so quickly, but I still think I’m looking now for some sort of constructive pattern for it to go higher.”
Iuorio said that the “size and the speed of the rally was unreasonable, and the size and the speed of the correction was even worse” and described the recent retraction as “a healthy movement”.
In today’s trading, the Bitcoin price stood at $11,983, as of 11:05 BST. The digital coin has gained $0.9% in the past 24 hours. Its total market capitalisation currently stands at $213.1 billion, which represents 62.9% of the combined value of all digital currencies.
Featured image: Igor Batrakov / Shutterstock.com
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