The Bitcoin price (BTC/USD) had a mostly disappointing trading session yesterday, but it managed to mitigate the damage thanks to a late price uptick. Earlier in the session, the digital coin had seen a significant downswing that sent its price below the $7,800 level. The coin had fallen to an intraday low of $7,772.80, but eventually closed the session at $7,927.71. Still, this was below its opening price of $8,004.24.
Following yesterday’s somewhat positive finish, BTC experienced some rocky trading during the early hours of today’s session. The coin had a poor start to the session, with its price tumbling to as low as $7,862.53 during the opening hours. However, the coin was able to recover quickly, thanks to a spike that lifted its price over the $8,000 barrier. The coin rose to as high as $8,049.92, before pulling back to sub-$8,000 levels in subsequent trading. At the time of writing, the Bitcoin price was hovering around the $7,950 mark, according to data from digital currency tracker Coinmarketcap.
Then follow us on Google News!
Over the past few sessions, the No. 1 digital coin has been moving without clear direction. It appears that BTC is going through a consolidation period, with its price trying to settle in above $7,500, while not having enough momentum to secure a decisive break above the $8,000 mark, at least at the moment. This is likely due to bull exhaustion following the coin’s stellar performance last month. BTC closed the May with a 60% gain, even though it had seen a sizable correction following its brief spell above $9,000 on May 30.
In today’s trading, the Bitcoin price stood at $7,970.50, as of 10:58 BST. The digital coin has gained 0.8% in the past 24 hours. The coin’s total market capitalisation currently stands at $141.5 billion, which represents 55.3% of the combined value of all digital currencies.
Featured image: Jaruwan Jaiyangyuen / Shutterstock.com
The post Bitcoin price (BTC/USD) briefly tops $8,000 on Wednesday morning 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 BAT
Send Tip now!