The Bitcoin price (BTC/USD) experienced a big surge in yesterday’s early afternoon session, which allowed it to move within striking distance of the $8,000 mark. The digital coin had dropped below that level amid difficult trading over the weekend. Following the rebound on Monday, BTC was able to recapture the $8,000 mark, as its price rose to as high as $8,031.91. The coin finished the day at $8,000.33, up from its opening level of $7,692.28.
However, the coin has been unable to sustain trading at those levels in today’s trading. The coin spent the better part of today’s morning session hovering within a tight range below the $8,000 level. However, during late morning trading the coin experienced a steeper drop the sent its price to sub-$7,900 levels. At the time of writing, the Bitcoin price was hovering around the $7,810 mark, according to data from digital currency tracker Coinmarketcap.
Stuck in a trading range
In a technical analysis piece published earlier today, industry website Coindesk noted that Bitcoin had been stuck in the $7,500–$8,100 trading range since June 5. The website added that while BTC could go in either direction, a downward move was more likely.
“A high volume falling channel breakout on the 4-hour chart, if confirmed, would revive the bullish outlook and open the doors to $8,500,” the online publication said. “The 4-hour chart moving averages and trading volumes indicate the price is more likely to fall back to $7,500 in the next 24 hours.”
“A break below $7,500 would validate the bearish doji reversal confirmed by Sunday’s close below $8,000 and allow a deeper drop below $7,000.”
In today’s trading, the Bitcoin price stood at $7,811.54, as of 14:04 BST. The digital coin has lost 2% of its value in the past 24 hours. Its total market capitalisation currently stands at $138.7 billion, which represents 55.6% of the combined value of all digital currencies.
Featured image: Visual Generation / Shutterstock.com
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