Bitcoin (BTC) has experienced some rocky trading following its poor performance on Wednesday. During the Thursday morning session, the digital coin dropped below the psychological $10,000 mark and hit a three-week low of $9,676.63. The coin’s managed to bounce back in the afternoon and was able to completely recover its earlier losses. Its rebound became especially pronounced in late trading, when the BTC price rallied to an intraday high of $10,437.41. Eventually, BTC closed the session at $10,311.55, up from its opening level of $10,038.42.
Yesterday’s positive finish may have sparked hopes that BTC had overcome its most recent slump, but today’s early trading showed that the coin was not out of the woods yet. After a brief spell above $10,400, the coin plunged sharply, dropping one again below the $10,000 mark. BTC fell to as low as $9,881.04 as part of that slump and then spent the next few hours hovering around the $9,900 mark. A brief resurgence in late morning trading allowed BTC to retake the $10,000 mark, but the coin’s attempts at recovery were negated by another pull-back in the early afternoon.
In its most recent technical analysis piece, industry website Coindesk noted that Bitcoin had managed to defend 100-day moving average at $9,700, which was a sign of seller exhaustion. However, the online publication also warned that the bear trend was still intact and added that only a break above $10,445 could put the bulls back in control. “A high-volume move above $10,445 would open the doors to re-test of $11,120,” Coindesk noted.
In today’s trading, the Bitcoin price stood at $9,904.70, as of 12:40 BST. The digital currency has lost 2% of its value in the past 24 hours. Its total market cap currently stands at just over $177 billion, according to data from digital currency tracker Coinmarketcap.
Featured image: Igor Batrakov / Shutterstock.com
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