Bitcoin had a very mixed trading session on Thursday, as its price experienced a few major swings throughout the day. The digital coin enjoyed a strong start, surging nearly $350 to recapture the $10,000 level. The coin rose to as high as $10,154.25 during the opening hours of the session and was, for the most part, able to sustain trading near this level during the morning portion of the session. However, BTC’s performance worsened in the afternoon, as the coin suffered a couple of big drops that erased most of its earlier gains. Eventually, Bitcoin finished the day at $9,911.84, sill above its opening level of $9,809.10.
Bitcoin suffered another price drop during today’s early trading, when the coin fell to as low as $9,717.98. However, BTC has managed to pick up in more recent trading, which has allowed it to recoup its initial losses. At the time of writing, the Bitcoin price was hovering slightly below the level of its Thursday close, according to data from digital currency tracker Coinmarketcap.
Bitcoin has had a difficult week so far, especially since Tuesday, when its price dropped below the $10,000 level for the first time in five days. In a July 25 technical analysis, industry website Coindesk argued that yesterday’s return above the $10,000 mark did not mean that the bearish trend was over. The online publication pointed to low trading volumes and Bitcoin being stuck below a key resistance level.
“A UTC close above $11,120 is needed to revive the bullish view. That level could come into play if BTC clears key resistances around $10,200 on high volumes,” Coindesk wrote yesterday.
In today’s trading, the Bitcoin price stood at $9,807.00, as of 10:33 BST. The digital currency has lost 2.9% in the past 24 hours. The coin’s total market cap currently stands at $174.9 billion, which represents 64.5% of the combined value of all digital currencies.
Featured image: Igor Batrakov / Shutterstock.com
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