Bitcoin price (BTC/USD) struggles to defend $6,700 on Tuesday morning

The digital currency pulls back amid larger crypto decline

Bitcoin price (BTC/USD) struggles to defend $6,700 on Tuesday morning

The Bitcoin price (BTC/USD) has pulled back below the $6,800 mark in today’s trading, after failing to secure a stable position above that level on Monday. The retreat comes amid a larger downswing observed across the wider digital currency market.

The digital currency had a difficult start to yesterday’s trading, with its price having experienced a sharp drop in late Sunday trading. The coin improved its performance during the afternoon part of the session, as it rallied above the $6,800 level. However, it wasn’t able to revisit its Sunday highs and pulled back sharply in the final hours of the session. Bitcoin finished the day at $6,741.75, lower than its opening level of $6,775.08.

Bitcoin has seen further losses in today’s trading, with its price sliding towards the $6,700 mark. At the time of writing, the Bitcoin price was hovering around $6,700, according to data from cryptocurrency tracker Coinmarketcap.

Despite its slight decline, Bitcoin has been one of the best performing digital currencies over the past 24 hours. The original cryptocurrency has outperformed most major altcoins, including Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH) and EOS. All of these have seen significant losses over the most recent 24-hour period, with EOS being the biggest loser having lost more than 11%. Bitcoin’s dominance has risen to 43.4%, Coinmarketcap data shows. A combination of rising Bitcoin dominance and falling crypto prices is often indicative of risk aversion.

In today’s trading, the Bitcoin price stood at $6,701.34, as of 07:08 BST. The digital coin has lost nearly 1% of its value in the past 24 hours. Its total market capitalisation currently stands at $114.8 billion, which represents 43.4% of the total value of all digital currencies.

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

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