The Bitcoin price (BTC/USD) saw significant gains in yesterday’s morning session, but its advance came to a halt after facing stiff resistance near the key price level of $10,000. The cryptocurrency pulled back in the afternoon and eventually closed the session at $9,205.12, down from the opening price of $9,602.93.
While Bitcoin has seen some modest gains since the start of today’s trading, the digital coin has not been able to launch a more significant rally. The cryptocurrency rose to an intraday high of $9,470.38, earlier today, but it has since retreated to lower levels. At the time of writing, the Bitcoin price was hovering around $9,240.
Bitcoin and the wider cryptocurrency market have suffered heavy blows over the past week amid signals that regulator around the world are stepping up their efforts to rein in cryptocurrency trading. Bitcoin’s struggles have been compounded by recent news that Nobuaki Kobayashi, a trustee of the failed Japanese cryptocurrency exchange Mt. Gox, has sold a substantial amount of Bitcoins to pay off creditors. According to a document published last week, Kobayashi has sold 35,841 Bitcoin and 34,008 Bitcoin Cash on behalf of the company since September, 2017.
According to Brian Kelly, chief executive officer of BKCM, these sales could have contributed to recent downward pressure.
Kobayashi still holds some 166,000 Bitcoins and the liquidation of these assets is contingent on regulatory approval. Some recent reports have said that the next court hearing on Mt. Gox bankruptcy will not happen until September, which could mean that Kobayashi will not be liquidating the remaining holdings in the near future.
"It's still hanging over but now we've got six months or so before that's an issue," Kelly said on Monday, as quoted by CNBC. "In terms of the Tokyo Whale it's a supply issue, but it's also a sentiment issue."
In today’s trading, the Bitcoin price stood at $9,243.30, as on 10:33 GMT. The cryptocurrency has lost 5.9% in the past 24 hours.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.