Bitcoin (BTC) experienced some disappointing trading over the weekend, as it couldn’t maintain the positive momentum it had gained on Friday. Having started the Saturday session at $12,400.76, the digital coin tumbled to as low as $11,508.38 during early trading. While the coin’s performance improved in subsequent trading, it finished the day well below its opening level, posting a close of $11,959.37.
Bitcoin saw more negative price action on Sunday, especially during the afternoon, when its price dropped below the $11,000 mark. BTC reached an intraday low of $10,799.01, before closing the session $10,817.16. This was Bitcoin’s first close below $11,000 since June 23.
However, the latest correction did not prevent BTC from securing it fifth monthly gain in a row. While the coin saw a significant correction from last week’s high of $13,796.49, it still gained over 26% in June. Perhaps more importantly, BTC has so far managed to defend the $10,000 mark, which some observers see as being key for continuing the current run.
“I said yesterday that as long as it stayed above $10,000, I still think it has some decent upside,” Jim Iuorio, managing director of TJM Institutional Services 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.”
The Bitcoin price has been hovering around the $11,000 mark since the start of today’s trading. As of 11:14 BST, the coin was trading at $11,085.40, according to data from digital currency tracker Coinmarketcap. BTC has lost 5.3% of its value in the past 24 hours and its total market capitalisation currently stands at $197.2 billion.
Featured image: Jaruwan Jaiyangyuen/Shutterstock.com
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