The Bitcoin price (BTC/USD) has taken a beating over the past 24 hours, falling well below the $11,000 level.
After coming close to breaking through the $12,000 mark on Tuesday, the original cryptocurrency has been hit by a sharp decline that has seen its price losing nearly $2,000 in subsequent trading. Yesterday, the cryptocurrency fell below $11,000, closing the session at $10,690.40.
The digital currency has continued to struggle in today’s trading. At the time of writing, the Bitcoin price was hovering just above the $10,000 mark, facing the risk of dropping below that level for the first time since February 16.
The recent slump suggests that Bitcoin’s recovery rally has run out of steam. During that run the cryptocurrency managed to recoup the losses it incurred in early February, with its price nearly doubling from the February 6 low of just over $6,000.
As industry website recently pointed out, since 2015 February has been a good month for Bitcoin in terms of price movement, which indicates that the cryptocurrency could still see gains this month. For this to happen, Bitcoin needs to stay above $10,237.30, which was its price level at the start of the February 1 session.
In today’s trading, the Bitcoin price stood at $10,091.90, as of 14:15 GMT. The digital currency has lost 8.1% of its value in the past 24 hours, according to data from cryptocurrency tracker Coinmarketcap. Its total market capitalisation currently stands at $170.3 billon, which represents 39.5% of the total value of all virtual coins.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.