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
The post Bitcoin (BTC) briefly tops $9,000 on Thursday, then tumbles appeared first on The Independent Republic.
Theindependentrepublic.com is author of this content, TheBitcoinNews.com is is not responsible for the content of external sites.
TheBitcoinNews.com is here for you 24/7 to keep you informed on everything crypto. Like what we do? Tip us some Satoshi with the exciting new Lightning Network Tippin.me tool!