The Bitcoin price (BTC/USD) has returned above $9,000 after overcoming a disappointing morning session on Tuesday.
The original cryptocurrency dropped to a five-day low of $8,891.05 shortly after the start of the afternoon portion of yesterday’s trading. However, the digital coin enjoyed a much more positive price action during the rest of the day, which allowed it to recoup most of its earlier losses. Bitcoin finished the session at $9,119.01, down from its opening price of $9,251.47.
While Bitcoin had a slow start to today’s session, the cryptocurrency has so far managed to defend the $9,000 mark. The coin bounced off an early low of $9,015.14 and has since entered positive territory for the day. At the time of writing, the Bitcoin price hovered around $9,200, according to data from cryptocurrency tracker Coinmarketcap.
Bitcoin’s value increased by nearly 32% in April, which made it the best month for the cryptocurrency this year. The coin had suffered huge losses in the first quarter of the year and it seemed that the downtrend was set to continue after it fell to a near two-month low of $6,526.87 on April 1, as the wider cryptocurrency market was struggling amid large sell-off. However, Bitcoin’s performance improved markedly after April 10, with its rally peaking at a high of $9,745.32, reached a week ago. Facing a strong resistance around $9,800 has forced the cryptocurrency to retreat to its current price levels.
In today’s trading, the Bitcoin price stood at $9,197.22, as of 12:22 BST. The digital currency has gained 1.8% in the past 24 hours, data from Coinmarketcap shows. The coin’s total market capitalisation currently stands at $156.4 billion, which represents 36.3% of the total value of all digital currencies.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.