The Bitcoin price (BTC/USD) has dropped below the $11,000 mark following a sharp decline that took place in late Thursday trading.
The original cryptocurrency had a mostly stable trading session yesterday, as it spent the better part of the day trading above the $11,500 mark. However, the coin didn’t manage to secure a convincing break above the $12,000 mark, even though it had moved within striking distance of that level during the preceding session. The coin rose to as high as $12,006.08 during the opening hour of the Thursday session, but then swiftly pulled back to lower levels. BTC’s performance remained relatively stable until late trading, when the coin experienced a sharp drop that sent its price to the low $11,000 area. Bitcoin finished the session at $11,215.44, well below its opening level of $11,972.72.
The coin has seen further losses during today’s morning session, with its price dropping below the $11,000 mark in recent trading. The coin fell to as low as $10,890.67, before bouncing back to recapture the $10,900 mark. At the time of writing, the Bitcoin price was hovering around the $10,960 mark, according to data from digital currency tracker Coinmarketcap.
Industry website Coindesk yesterday noted in a technical analysis that the coin could still see price drops despite its rebound in the preceding session. The online publication said that only a move above $12,448 would allow the outlook to turn bullish.
“Bitcoin could fall back to $9,600 if prices fail to hold above $10,830 in the next 24 hours,” the website said yesterday.
In today’s trading, the Bitcoin price stood at $10,969.78, as of 09:46 BST. The digital coin has lost 6.4% of its value in the past 24 hours. The coin’s total market capitalisation currently stands at $195.2 billion, which represents 62.1% of the combined value of all digital currencies.
Featured image: chanchai howharn / Shutterstock.com
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