The Bitcoin price (BTC/USD) posted significant losses yesterday, failing to recover after tough weekend trading. The digital coin had dropped below $11,000 on Sunday, posting its first close below that mark in seven days. The Monday session saw BTC making several attempts at rebounding, but the coin wasn’t able to gain enough positive momentum to sustain a meaningful recovery. Having hit an intraday high of $11,206.44 in early trading, the BTC spent the rest of the session moving on a mostly downward trajectory. It fell to as low as $10,089.31, but a late uptick helped it to pare its losses for the day. Bitcoin closed the session at $10,583.13, below its opening level of $11,796.93.
Despite the somewhat positive Monday finish, the coin has been back on the defensive since the start of today’s session. The coin even dropped below the key level of $10,000 earlier today, with its price hitting an 11-day low of $9,788.27. Bitcoin has since managed to bounce back, although it has remained in the negative territory. At the time of writing, the Bitcoin price was hovering around the $10,050 level.
Industry website Coindesk said in its technical analysis for July 1 that Bitcoin is likely to drop below the $10,000 mark this week. The online publication highlighted a pattern on the Bitcoin weekly chart suggesting that there was buyer exhaustion following last week’s run to highs above $13,000.
Some analysts have opined that recent correction is a positive development for the crypto space. EToro’s senior market analyst Mati Greenspan described the development as “a bucket of ice water that was dumped on the anxious crypto market, which was indeed getting a bit too hot”.
In today’s trading, the Bitcoin price stood at $10,053.81, as of 11:44 BST. The digital currency has lost 8.7% of its value in the past 24 hours. Its total market cap currently stands at $178.9 billion, which represents 60.5% of the combined value of all digital currencies.
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