Bitcoin (BTC) has broken through the $7,000 barrier after a big weekend, but is now fighting to stay resist a strong corrective trend.
Strong weekend
The original cryptocurrency made most of its progress on Saturday, with its price gaining nearly $1,000 to hit an intraday high of $7,333.00. The digital coin finished the session at $7,204.77, well above its opening price of $6,379.67.
BTC continued its advance during the Sunday morning session, with its price topping the $7,500 mark for the first time since August 3, 2018. However, the situation changed dramatically during the afternoon part of the session, when Bitcoin pulled back to sub-$7,000 levels. The coin fell to as low as $6,815.77, before eventually closing the session at $6,972.37.
Yesterday’s finish put Bitcoin in a position to attempt to secure a stable position above $7,000 on Monday. The coin managed to retake the important price level in the opening hours of today’s trading, rising to as high as $7,116.78 in early trading. BTC has seen a pull-back to lower levels in more recent trading and is currently hovering around $7,065, according to data from digital currency tracker Coinmarketcap.
Is crypto winter over?
While Bitcoin is trying to consolidate above $7,000, it appears that the bearish sentiment that ruled the crypto market throughout the entirety of 2018 has been exhausted. Last week, BTC returned above the $6,000 mark for the first time since November 14, a move that essentially repaired the damage from a contentious Bitcoin Cash (BCH) hard fork that caused the crypto market’s most severe slump last year. With recent news around Fidelity Investments’ and Facebook’s crypto plans boosting investor confidence, it seems that the market sentiment is now largely positive.
In today’s trading, the Bitcoin price stood at $7,081.30, as of 10:37 BST. The digital coin has lost 3.9% of its value in the past 24 hours. Its total market capitalisation currently stands at $125.3 billion, which represents 58.7% of the combined value of all digital currencies.
Featured image: Visual Generation / Shutterstock.com
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