The Bitcoin price (BTC/USD) remains near the $10,500-$10,600 area, consolidating after some turbulent trading last week.
The original cryptocurrency experienced significant difficulties during the first few sessions of last week, but it managed to bounce back in the latter stages of the week. After recapturing the $10,000 mark on Thursday afternoon, the digital coin has spent the following sessions consolidating and strengthening its position. However, the coin has so far been unable to secure a break above the $11,000 barrier.
BTC came close to accomplishing the breakthrough in late Saturday trading, when the coin’s price rose to a five-day high of $11,048.66. However, the coin pulled back shortly after that, retreating to a close of $10,767.14. The Sunday session saw BTC struggling to maintain momentum, especially in the early afternoon, when the coin dropped to an intraday low of $10,389.60. The coin eventually finished the day at $10,599.11, down from its opening level of $10,777.53.
The Bitcoin price has edged higher in today’s trading, as the coin has been able to return above the $10,600 mark. At the time of writing, however, the Bitcoin price was hovering around the $10,580 mark, according to data from digital currency tracker, Coinmarketcap.
The digital currency market went through a turbulent period last week, as investors were focused on the US congressional hearings over Facebook’s Libra cryptocurrency project. Over two separate hearings, held on Tuesday and Wednesday, respectively, members of the Senate Banking Committee and the House Financial Services Committee grilled Facebook’s blockchain chief David Marcus about the proposed digital currency and wallet.
In today’s trading, the Bitcoin price stood at $10,570.58, as of 10:03 BST. The digital currency has lost 1% of its value in the past 24 hours, Coinmarketcap data shows. The coin’s total market capitalisation currently stands at $188.5 billion, which represents 65.2% of the combined value of all digital currencies.
Featured image: Visual Generation / Shutterstock.com
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