The Bitcoin price (BTC/USD) is testing the $6,500 mark in a tentative attempt to break out of a tight range.
The original cryptocurrency had a rocky session yesterday, being under constant pressure amid frequent price fluctuations. The digital coin saw a big drop in the early hours of the session, with its price plunging to an intraday low of $6,447.03. This was Bitcoin’s lowest price level since October 19, according to data from digital currency tracker Coinmarketcap.
While Bitcoin continued to struggle during the rest of the session, it managed to pare its losses for the day. The coin enjoyed a brief uptick in the afternoon, but it wasn’t enough to lift the BTC price above the $6,500 mark. Bitcoin eventually finished at $6,476.29, down from its opening level of $6,484.65.
While Bitcoin has been moving within a tight range of between $6,450 and $6,490 for most of today’s morning session, the coin has made an attempt to reclaim the $6,500 mark in more recent trading. As a result, he digital currency reached an intraday high of just above $6,500, before pulling back to slightly lower levels.
In its technical analysis for Thursday, industry website Coindesk highlighted Bitcoin’s recent behaviour, adding that a range breakout could happen if the coin “continues to defend support at $6,376 despite the risk aversion in the stock markets.
“A break above $6,476, if confirmed, would open the doors to $6,810,” the publication also said, adding that a weekly close above that level would “put the bulls in a commanding position”.
In today’s trading, the Bitcoin price stood at $6,493.45, as of 10:21 BST. The digital coin has gained 0.3% in the past 24 hours, Coinmarketcap data shows. Its total market cap currently stands at $112.6 billion.
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