Bitcoin (BTC) had a lacklustre session on Wednesday, with its price struggling to recover following its drop below $8,000 in the preceding session. The digital coin experienced some positive price action in early trading, which allowed to briefly top the $7,900 mark. The coin rose to as high as $7,901.85, but it quickly pulled back to lower levels. The coin spent the rest of the session hovering between gains and losses, but eventually finished the session in the positive territory. The coin closed the session at $7,824.23, well above its opening price of $7,704.34.
BTC attempted to capitalise on yesterday’s positive finish, as it continued its advance in the early hours of today’s trading. Once again, the coin topped the $7,900 mark, but its spell at those levels didn’t last long. Still, BTC has at least managed to remain above $7,800. At the time of writing, the Bitcoin price was hovering around the $7,820 mark, according to data from digital currency tracker Coinmarketcap.
The digital currency market has seen a significant correction this week, which some analysts view as a healthy retracement following the strong bull run last month. Bitcoin, for example, increased its value by 60% in May and posted its fourth consecutive monthly gain.
“The entire crypto trading community has been waiting for a pullback for some time now,” Tim Enneking, managing director of Digital Capital Management, recently told Forbes. “Most people, including us, are looking for a 25-30% pullback from the high (of about $9,100). So far, we’ve gotten about half that.”
In today’s trading, the Bitcoin price stood at $7,819.10, as of 10:52 BST. The digital coin has lost 0.2% of its value in the past 24 hours, Coinmarketcap data shows. The coin’s total market capitalisation currently stands at $138.7 billion, which represents 55.7% of the combined value of all digital currencies.
Featured image: Visual Generation / Shutterstock.com
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