The Bitcoin price (BTC/USD) has dropped below the $11,800 mark on Friday, even though it enjoyed a positive Thursday finish.
The original cryptocurrency had a lacklustre session yesterday, as it failed challenge the $12,000 mark in a meaningful way. Having opened the session at $11,954.04, the coin immediately rose to $11,979.42, which turned out to be its highest price level for the day. BTC spent the rest of the morning moving in a tight range around the $11,900 mark. However, the coin’s performance got significantly worse in the afternoon, resulting in a pull-back to an intraday low of $11,556.17. Still, Bitcoin managed to rebound in late trading, which allowed it to finish the day in the positive territory. BTC closed the session at $11,966.41, which was its highest close in four days, according to data from digital currency tracker Coinmarketcap.
Despite yesterday’s strong finish, Bitcoin has been unable to advance further in today’s morning trading. On the contrary, the coin has been moving on a downward trajectory since the start of the session. At the time of writing, the Bitcoin price was hovering around the $11,770 level.
In its most recent technical analysis, industry website Coindesk suggested that Bitcoin could soon revisit the $13,000 mark. The online publication argued that the coin’s Wednesday close had ended a six-week correction trend, opening the door for a potential rise to $13,200. However, the coin might still need a weekly close above $12,000 to reaffirm the bullish trend.
“Traders may want to see BTC settle above $12,000 before hitting the market with fresh bids,” the publication wrote, noting that BTC had repeatedly failed to hold onto gains above $12,000 in the last six weeks.
In today’s trading, the Bitcoin price stood at $11,772.52, as of 10:28 BST. The digital currency has lost 0.9% in the past 24 hours, Coinmarketcap data shows. The coin’s total market cap currently stands at $210.3 billion, which represents 69.4% of the combined value of all digital coins.
Featured image: Inked Pixels / Shutterstock.com
TheBitcoinNews.com is here for you 24/7 to keep you informed on everything crypto. Like what we do? Tip us some BAT
Send Tip now!