The Bitcoin price (BTC/USD) has remained stuck to a tight range below the challenging level of $8,000 on Wednesday morning.
The original cryptocurrency had another lacklustre session on Tuesday, trading sideways throughout most of the day. Having opened at $7,977.97, the digital coin struggled to find the necessary momentum to challenge the $8,000 mark in a meaningful way. The coin even dropped to an intraday low of $7,843.34 in the early afternoon trading, but managed to recapture the $7,900 mark rather quickly. During the final hours of the session BTC had a brief spell above $8,000, but eventually finished the day at $7,963.33.
Bitcoin has followed a similar pattern in today’s morning session. Following another unsuccessful attempt at $8,000 in early trading, the Bitcoin price retreated to lower levels, with the $7,900 mark coming under significant pressure. At the time of writing, the coin was hovering around the $7,920 mark, according to data from digital currency tracker Coinmarketcap.
Buyer exhaustion?
Bitcoin has seen significant gains in the past few weeks, boosted by a string of positive news and improved market sentiment. The digital coin has doubled its value since the start of the year, with its price surging by nearly 50% this month alone. However, the coin has been hinting at possible buyer exhaustion ever since it broke above the $8,000 mark on May 13. Over the past week or so, BTC has had a number of unsuccessful attempts to secure a stable position above the $8,000 mark, with the $8,300 level, in particular, having fended off multiple Bitcoin advances.
In today’s trading, the Bitcoin price stood at $7,915.15, as of 08:48 BST. The digital coin has lost 0.2% of its value in the past 24 hours, Coinmarketcap data shows. The coin’s total market capitalisation currently stands at $140.2 billion, which represents 56.3% of the combined value of all digital currencies.
Featured image: Igor Batrakov / Shutterstock.com
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