The Bitcoin price (BTC/USD) has dropped below the $6,500 mark following disappointing Thursday afternoon trading.
The original cryptocurrency spent the better part of yesterday’s session trading in the $6,500-$6,600 area. The situation changed in late afternoon trading, as the Bitcoin price experienced a downturn that eventually led to a close below the $6,500 mark. Bitcoin finished the session at $6,476.71, down from its opening level of $6,5942.33.
The digital coin has managed to stabilise in today’s morning trading, though it hasn’t been able to put the $6,600 mark under pressure. Having hit an intraday high of $6,593.68 earlier in the session, the Bitcoin price is currently hovering around $6,570, according to data from digital coin tracker Coinmarketcap.
The occasional spike aside, over the past few weeks Bitcoin has mostly been trading in a relatively tight range around the $6,500 mark. One industry expert, however, believes that this quiet period may soon be over.
“It’s only a matter of time now,” Mati Greenspan, senior market analyst at eToro, said, as quoted by MarketWatch. “Of course, the flat-line pattern could easily remain for another few months, and that wouldn’t be a bad thing; however, there are signs of excitement boiling underneath the cool price action exterior,” Greenspan added.
Fundstrat Global Advisors technical strategist Rob Sluymer expressed a similar view in a recent note to clients.
“The majority of cryptocurrencies have remained in narrow consolidations for weeks BUT many are testing important technical trading levels that, if breached, is likely to trigger a dramatic response by traders,” he wrote on Thursday
In today’s trading, the Bitcoin price stood at $6,469.22, as of 10:01 BST. The digital coin has lost 1.1% of its value in the past 24 hours.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.