The Bitcoin price (BTC/USD) has pulled back from its recent highs amid a larger downswing observed across the cryptocurrency market.
The original cryptocurrency had a lacklustre session on Tuesday, struggling to maintain the positive momentum that fuelled its rally to a 10-day high of $6,683.86 in the previous session. The digital coin was relatively stable during the morning part of the session, holding above the Monday close of $6,614.18. However, its performance worsened in the early afternoon, with its price dropping below the $6,600 mark.
While Bitcoin made an attempt to recover in the latter part of the session, its price took a dive in the final hours of the day, falling to an intraday low of $6,447.75. The coin eventually finished the session at $6,529.59, down from its opening level of $6,596.66.
Bitcoin saw further losses earlier in today’s trading session, falling to an intraday low of $6,471.84, according to data from cryptocurrency tracker Coinmarketcap. However, since then the coin has managed to return above the $6,500 level and into the positive territory. At the time of writing, the Bitcoin price was hovering around $6,545.
Despite the pullback, the Bitcoin price remains comfortably above the last week lows of around $5,800. What’s more, the coin is also well above the $6,300 level, which Fundstrat’s Robert Slyumer last week said would be crucial for gaining momentum.
“If it can rally through that, I think there’s a chance Bitcoin could start to turn,” Slyumer told CNBC last Wednesday.
In today’s trading, the Bitcoin price stood at $6,548.41, as of 11:12 BST. The digital currency has lost 0.9% of its value in the past 24 hours, Coinmarketcap data shows. The digital coin’s market capitalisation currently stands at nearly $112.2 billion, which represents 41.9% of the total value of all digital currencies.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.