Bitcoin price (BTC/USD) rallies towards $6,700 after slow start on Thursday

The original cryptocurrency recovers from a late Wednesday slump

Bitcoin price (BTC/USD) rallies towards $6,700 after slow start on Thursday

The Bitcoin price (BTC/USD) has managed to revisit the $6,700 mark despite experiencing a steep drop in yesterday’s late trading.

The original cryptocurrency had a lacklustre morning session yesterday, with its price falling to an intraday low of $6,450.46. However, the digital currency managed to rebound in the afternoon, as a sudden price jump allowed it to break above the $6,700 mark for the first time in 12 days. This surge mirrored a market-wide upswing that saw many of Bitcoin’s major rivals surging in the afternoon session.

Bitcoin was able to defend the $6,700 level well after it had notched up a 13-day high of $6,771.91. However, the coin experienced a sharp pull-back in the final hours of the session, which erased most of its earlier progress. Bitcoin finished the day at $6,597.55, slightly higher than its opening level of $6,550.87.

Unable to recover from the late pull-back, Bitcoin experienced some difficulties at the start of today’s trading, as its price fell to an intraday low of $6,569.08. However, this marked the beginning of a rebound that has allowed Bitcoin to launch another attempt at the $6,700 mark. At the time of writing, the Bitcoin price was hovering around $6,670, according to data from digital currency tracker Coinmarketcap. The coin hit an intraday high of $6,709.09 earlier in the session.

According to Coindesk’s July 4 technical analysis, Bitcoin has a chance to rally towards the psychological level of $7,000 in the short term. “BTC breached the double bottom neckline resistance of $6,341 on Saturday, confirming a short-term bullish reversal and opening doors to $6,927,” the website said.

In today’s trading, the Bitcoin price stood at $6,672.67, as of 10:53 BST. The digital coin has gained nearly 2% in the past 24 hours.

For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.

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