The Bitcoin price (BTC/USD) has broken above the $8,400 mark thanks to solid performance over the past 24 hours.
The original cryptocurrency enjoyed a successful session yesterday, as it managed to strengthen its position above the $8,000 mark. During the morning portion of the session, the digital coin managed to defend the $8,100 level it had captured on Wednesday. The coin then rallied during the afternoon, with its price rising to a 10-day high of $8,311.57. BTC pulled back in the final hours of the session and eventually finished the day at $8,230.92. Still, this was well above the coin’s opening level of $8,145.55.
Bitcoin has seen a number of minor price swings during today’s session, hovering around the $8,300 mark. The coin broke above that barrier during late morning trading, but its initial advance didn’t have enough momentum and the coin quickly pulled back to sub-$8,300 level. However, the digital coin has picked up in more recent trading and has managed to break above the $8,400 level. At the time of writing, the Bitcoin price was hovering around the $8,425 mark.
Regarding Bitcoin’s advance, industry website Coindesk noted in a technical analysis piece that the rally hadn’t been supported by strong trading volumes. The online publication argued that this was a sign of low investor confidence and could mean that the rally would be a short-lived one. However, if the volumes pick up, the coin could reach $8,500 over the weekend, the website said.
In today’s trading, the Bitcoin price stood at $8,426.08, as of 15:11 BST. The digital coin has gained 3.4% in the past 24 hours, Coinmarketcap data shows. The coin’s total market capitalisation currently stands at $149.6 billion, which represents 56.3% of the combined value of all digital currencies.
Featured image: chanchai howharn / Shutterstock.com
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