Bitcoin (BTC) had a disappointing trading session yesterday, as its price saw a sizable pull-back from the fresh 2019 high ($9,416.41) it had reached on Monday. Bitcoin’s struggles were particularly evident during the afternoon session, when the coin plunged to the low $9,000 area. While BTC managed to defend the $9,000 level, it finished the session at $9,081.76, well below its opening price of $9,335.47.
Bitcoin has seen some positive price action in today’s morning session, which has allowed the coin to recapture the $9,100 level. The coin rose to as high as $9,211.04 earlier in the session and is now hovering around the $9,160 mark, according to data from digital currency tracker Coinmarketcap.
Bitcoin broke through the $9,000 barrier on Sunday, following some strong weekend trading that appear to have set the coin on the path to another monthly gain. BTC experienced a big correction in early June, but it now seems that the coin has managed to overcome those struggles.
According to Fundstrat Global Advisors’ head of research Tom Lee, this could be just the beginning for a bull run towards new all-time highs.
“I think bitcoin is easily going to take out its all-time highs” of $20,000 and could rise to as high as $40,000 if use cases grow, Lee told CNBC on Tuesday. “We’re deep into a bull market, and people are pretty silent about it.”
Lee also thinks that Facebook’s announcement yesterday of a new cryptocurrency could be a significant boon for BTC and the wider crypto space.
“The Facebook announcement is a complete validation that mainstream is now focused on cryptocurrencies,” he said. “I think it really destroys those arguments that say, ‘I believe in blockchain, not bitcoin.’” He also views Facebook’s Libra project as “very complementary” to Bitcoin.
In today’s trading, the Bitcoin price stood at $9,163.29, as of 08:53 BST. The coin’s total market capitalisation currently stands at $162.8 billion, which represents 56.7% of the combined value of all digital currencies.
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