The Bitcoin price (BTC/USD) has dropped below the $9,000 level as its rally towards $10,000 has seemingly come to a halt.
While the original cryptocurrency hit a near seven-week high of $9,745.32 in yesterday’s early trading, it then experienced sharp pullback that appeared in line with a market-wide price correction that erased most of the gains the cryptocurrency market had seen in the previous session. Bitcoin lost about $900 throughout the rest of the Wednesday session, finishing the day at $8,845.74.
The cryptocurrency has edged lower since the start of today’s trading, dropping below the $8,800 mark. At the time of writing, the Bitcoin price was hovering around $8,760, according to data from cryptocurrency tracker Coinmarketcap.
Bitcoin is just one of the major digital currencies experiencing sharp price corrections. Major altcoins, such as Ethereum (ETH), Ripple (XRP), Litecoin (LTC) and IOTA (MIOTA), have seen significant losses over the past 24 hours. EOS and Stellar (XLM) are currently the only top 10 digital coins posting gains over that period. The cryptocurrency market as a whole has shrunk by $27 billion in the past 24 hours.
Despite the recent slump, Bitcoin has gained more than 25% this month and is nearly 35% up from its April 1 low of $6,526.87. Bill Baruch, a market strategist at Blue Lines Futures, recently told CNBC that he expected the cryptocurrency’s rise to continue in the long run. He said that the “ultimate upside” for Bitcoin was between $11,500 and $11,800, adding that a breakout above $11,800 was “extremely bullish”.
In today’s trading, the Bitcoin price stood at $8,759.73, as of 09:47 BST. The digital currency has lost 6.7% of its value in the past 24 hours. Its total market capitalisation currently stands at $148.9 billion.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.