The Bitcoin price (BTC/USD) has plunged to a near two-week low below $6,200 following a failed attempt to stage a recovery.
Having hit an eight-day low of $6,320.72 in late Tuesday trading, the original cryptocurrency attempted a rebound in yesterday’s morning session, which, consequently, led to its price revisiting the $6,400 level. However, Bitcoin wasn’t able to gain significant momentum as its advance was often interrupted by step drops. The digital coin rose to an intraday high of $6,444.96 in the afternoon, but it then experienced a sharp pullback that all but erased its earlier progress. Bitcoin finished the session at $6,394.71, up from its opening level of $6,330.77.
Yesterday’s close had positioned Bitcoin for retesting the $6,400 barrier in today’s morning trading, but the leading digital currency failed to capitalise on that. The coin only notched up a high of $6,397. 13 in the early hours of the session, as it couldn’t overcome the stiff resistance at the $6,400 level.
The Bitcoin price has since crumbled under selling pressure that has been felt across the wider digital currency market. At the time of writing, the digital currency was hovering around $6,200, according to data from cryptocurrency market Coinmarketcap. The coin had fallen to a near two-week high of $6,195.74 earlier.
The latest downturn has affected the entire cryptocurrency market, with most major coins experiencing similar drops. Most digital currencies in the top 100, including all the top 30 coins, are currently in the red.
In today’s trading, the Bitcoin price stood at $6,201.03, as of 09:31 BST. The digital coin has lost 2.9% of its value in the past 24 hours, Coinmarkecap data shows. The coin’s total market capitalisation currently stands at $106.3 billion, which represents 43.3% of the total value of all digital currencies.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.