The Bitcoin price (BTC/USD) has edged lower in today’s morning session, as it wasn’t able to take advantage of its brief resurgence on Monday.
The original cryptocurrency spiked at the start of yesterday’s session, rising to a five-day high of $10,512.33, from an opening price of $10,126.30. While the coin swiftly pulled back from those highs, it was able to hold above the $10,300 mark throughout most of the session. According to data from digital currency tracker Coinmarketcap, BTC closed the Monday session at $10,370.82.
Whereas the Monday session was somewhat positive for Bitcoin, today’s trading has so far been rather disappointing. BTC saw a steep decline in the opening hours of the session, when its price dropped below the $10,200 mark. The coin has since edged even lower and is currently hovering around the $10,150 level.
Industry website Coindesk yesterday noted that Bitcoin’s weekly moving average convergence divergence histogram had posted a negative value, which is a bearish sign, for the first time in seven months. The online publication added that a bullish revival would only be confirmed “if and when prices find sustained acceptance, preferably a weekly close (Sunday, UTC), above $12,000”.
Also yesterday, Bloomberg, highlighted recent market data showing that investor confidence currently tends to grow when the coin holds above $10,000, but dissipates when the BTC price approaches $12,000.
“You’re seeing it range-bound now,” Craig Erlam, senior market analyst at Oanda Corp, said in a recent interview with the newswire. “And the highs it’s been reaching are lower and lower. When it breaks out of this range, you could see a fairly strong move down.”
In today’s session, the Bitcoin price stood at $10,154.62, as of 11:33 BST. The digital currency has lost nearly 2% of its value in the past 24 hours. The coin’s total market capitalisation currently stands at $181.7 billion, which represents 68.9% of the combined value of all digital coins.
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