The Bitcoin price (BTC/USD) has seen a sizable correction after it set a new 2019 high on Monday.
The original cryptocurrency experienced some lacklustre trading yesterday, with its price moving on a mostly downward trajectory. The digital coin started the session slightly above the $8,800 mark, but it wasn’t able to sustain trading at those levels. The coin then gradually descended to an intraday low of $8,634.72 and eventually finished the session at $8,719.96.
Bitcoin has seen further losses in today’s morning session, as it dropped below $8,500 mark for the first time since its Sunday breakout. The coin fell to as low as $8,487.87, as part of this early slump. BTC has since managed to rebound, recovering some of the losses. At the time of writing, the Bitcoin price was hovering around the $8,650 mark, according to data from digital currency tracker Coinmarketcap.
‘Bull flag’
Bitcoin’s retreat could be indicating that the digital currency is gearing up to attempt to break through the $9,000 mark. In its technical analysis for May 28, industry website Coindesk noted that “the price congestion has taken the shape of a technical pattern called a “bull flag” – a pause that often refreshes higher”. The online publication also highlighted the fact that BTC was holding comfortably above the key support level of $8,390 and that a move above $8,890 (the upper edge of the flag) could trigger a rally toward the $10,000 mark.
In today’s trading, the Bitcoin price stood at $8,651.27, as of 11:16 BST. The digital coin has lost 0.7% of its value in the past 24 hours, Coinmarketcap data shows. The coin’s total market capitalisation currently stands at $153.4 billion, which represents 56.4% of the combined value of all digital currencies.
Featured image: Igor Batrakov / Shutterstock.com
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