The Bitcoin price (BTC/USD) has seen little action in today’s early trading, in a stark contrast to the rather eventful Wednesday session.
The original cryptocurrency experienced several big price moves yesterday, with its price trying to stabilise above the $10,500 mark. The digital coin had a poor start to the session, as it lost more than $100 during the opening hours of the session. After briefly dropping to sub-$10,500 levels, the coin bounced back and spent the rest of the morning session hovering in the $10,500-$10,600 area.
The afternoon portion of the session included another spell below the $10,500 mark and a drop to an intraday low of $10,434.71. This was followed by another big price swing, which sent BTC to two-week high of $10,762.64. Bitcoin eventually finished the session at $10,594.49, down from its opening level of $10,621.18
The drop put an end to a five-day winning streak, which had seen BTC rebound from last week’s low of $9,421.63. In its September 4 technical analysis, industry website Coindesk noted that the winning streak had neutralised the short-term bearish outlook, but added that only a close above the August 20 high of $10,956 would confirm a bullish revival.
Over the past few sessions Bitcoin has outpaced the wider digital currency market by a significant margin. As a result, the Bitcoin dominance, an indicator that tracks BTC’s share of the of the overall crypto market has reached its highest level since March 2017, data from digital currency tracker Coinmarketcap shows.
Bitcoin has been rather quiet since the start of today’s session, hovering around the level of its Wednesday close. As of 06:25 BST, the Bitcoin price stood at $10,596.10, up 0.1% from the same time yesterday. The coin’s total market cap currently stands at $189.8 billion, which represents 70.8% of the combined value of all digital currencies.
Featured image: Inked Pixels / Shutterstock.com
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