Bitcoin (BTC) had a mostly quiet trading session on Thursday, as it spent most of the day hovering in a tight range above the $8,700 mark. However, the situation changed dramatically during the afternoon potion of the session, when a sudden uptick allowed the Bitcoin price to top the $9,000 level for the first time since May 11, 2018. The digital coin rose to as high as $9,008.31, but the uptick turned out to be just a temporary spike.
Having failed to establish a stable position above $9,000, BTC quickly retreated to the $8,600-$8,700 range, where it spent the better part of the afternoon. However, the coin experienced a second drop in late trading, which sent its price below the $8,300 mark that had until recently been a major source of resistance. The coin fell to a four-day low of $8,221.27, before finishing the day at $8,319.47, well below its opening price of $8,661.76.
Since the start of today’s session, Bitcoin has been trying to weather the storm and avoid further losses. The coin fell to as low as $8,173.67 during the early hours of the session, but it has managed to bounce back in more recent trading. At the time of writing, the Bitcoin price was hovering around the $8,320 level, according to data from digital currency tracker Coinmarketcap.
Even after the latest pull-back, BTC seems firmly on track to post its fourth consecutive monthly gain. So far in May, the coin has gained more than 55%. Still, its failed attempt to break through $9,000 and the subsequent slump may have weakened the bullish case for the coin significantly.
In today’s session, the Bitcoin price stood at $8,320.04, as of 09:50 BST. The digital coin has lost 4.6% of its value in the past 24 hours. The coin’s total market capitalisation currently stands at $147.5 billion, which represents 56.2% of the combined value of all digital currencies.
Featured image: Jaruwan Jaiyangyuen / Shutterstock.com
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