The Bitcoin price (BTC/USD) hit a 10-day low on Sunday following an earlier drop below $10,000.
While the original cryptocurrency managed to recover from a drop below the $10,000 mark on Friday – finishing the session at $10,301.10 – it has failed to defend that key level in subsequent trading. Yesterday, the digital coin fell to $9,407.06, its lowest level since February 15.
The cryptocurrency has seen a bit of an uptick on Monday, with its price rising to an intraday high of $9,834.87 in the early hours of today’ session. However, the cryptocurrency has pulled back in more recent trading and the price is currently hovering around $9,760, up from yesterday’s closing level of $9,664.73.
Bitcoin was trading near $12,000 less than a week ago, but its attempt to break above that level was met with heavy resistance. The Bitcoin price rally peaked at $11,958.50 last Tuesday and the cryptocurrency has since struggled to find positive momentum.
Nick Kirk, quantitative developer and data scientist at Cypher Capital, told CNBC last Thursday that there was no particular reason for the decline. He attributed Bitcoin’s brief drop below $10,000 during that session to profit-taking, and "a bit of resistance at the 10k to 11k price point".
In today’s trading, the Bitcoin price stood at $9,763.16, as of 11:05 GMT. The digital currency has gained $0.25% in the past 24 hours, according to data from cryptocurrency tracking website Coinmarketcap. Bitcoin’s total market capitalisation currently stands at $164.8 billion, which represents 38.1% of the value of all cryptocurrencies.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.