The Bitcoin price (BTC/USD) has remained largely stable after experiencing a sharp increase in yesterday’s afternoon trading.
The largest cryptocurrency on the market struggled in yesterday’s morning session, falling to as low as $7,397.00. However, the digital coin saw a big price jump in the afternoon surging above the $7,600 mark. Bitcoin managed to defend that level in the final hours of the session and finished the day at $7,633.76. This was significantly higher than Bitcoin’s opening level of $7,500.90.
While in today’s early trading Bitcoin experienced a brief drop below $7,600, falling to an intraday low of $7,591.53, it has largely stayed above that mark since the start of the session. At the time of writing, the Bitcoin price was hovering around $7,620, according to data from cryptocurrency tracker Coinmarketcap.
Bitcoin looked poised for a significant rally on Sunday, when its price rose to a two an 11-day high of $7,754.89. As noted by Coindesk, the coin closed the session above a key falling trendline resistance level, signalling a short-term bullish-to-bearish trend change. In addition, a bullish crossover between the 5-day and 10-day moving average also hinted at a possible short-term positive price action. However, Bitcoin’s decline on Monday afternoon signalled that the rally had come to an end. This outcome was not entirely surprising, given Bitcoin’s low trading volumes, which had warned of a possible bull trap, Coindesk notes in a technical analysis piece published yesterday.
In today’s trading, the Bitcoin price stood at $7,619.75, as of 09:19 BST. The digital currency has gained 2.4% in the past 24 hours, Coinmarketcap data shows. The coin’s total market capitalisation currently stands at $130.1 billion, which represents 37.8% of the total value of all digital currencies.
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