The Bitcoin price (BTC/USD) has edged lower following a brief spell above the $10,900 level.
The original cryptocurrency spent the majority of yesterday’s session hovering around $10,700, after an early jump had propelled its price above the $10,500 mark. Towards the end of the session Bitcoin saw another significant uptick, which helped its price to move within striking distance of the $11,000 level. The digital coin closed the session at an intraday high of $10,916.05, well above its opening level of $10,350.28.
Shortly after the start of today’s session, BTC notched up a one-week high of $10,929.36, but its spell above the $10,900 mark didn’t last long. The coin has since pulled back to lower levels, with its price falling to as low as $10,788.78. At the time of writing, the Bitcoin price was hovering around the $10,800 mark, according to digital currency tracker Coinmarketcap.
The recent resurgence has allowed Bitcoin to recover from last week’s sell-off that led to its price dropping below the $10,000 level. Friday’s announcement that the Bakkt exchange will be launching its physically-settled Bitcoin futures contracts on September 23, appears to have contributed significantly to the rebound. In a technical analysis piece published on Monday, industry website Coindesk noted that the digital coin’s price had increased some $1,000 since the announcement. However, the online publication warned that bulls were not yet in charge.
“All-in-all, the case for a fall back to $9,000 remains intact. The outlook would turn bullish only if prices print a weekly close (Sunday, UTC) above $12,000,” Coindesk said.
In today’s trading, the Bitcoin price stood at $10,809.52, as of 06:49 BST. The digital coin has gained 3.8% in the past 24 hours, Coinmarketcap data shows. The coin’s total market capitalisation currently stands at $193.3 billion, which represents 69.1% of the combined value of all digital currencies.
Featured image: Inked Pixels / Shutterstock.com
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