While the Bitcoin price (XRP/USD) has seemingly stabilised following its sharp decline on Monday, it has remained hovering near two-week lows.
The original cryptocurrency experienced a sharp decline in yesterday’s trading, with its price, with its price tumbling to a two-week low of $6,306.99 in the afternoon. The coin eventually finished the session at $6,332.63, significantly lower than its opening level of $6,492.35.
The drop marked the end of a near two-week period of very low volatility, which saw the No. 1 digital coin trading in a tight range around the $6,500 mark. Bitcoin’s decline mirrored a broader crypto downturn that resulted in big losses for most digital currencies yesterday.
Matty Greenspan, senior market analyst at eToro, suggested prior to the decline that Bitcoin’s lull was likely to end in the near future.
“There’s still reason to believe that the breakout we’ve been waiting for may be getting closer rather than further away,” Greenspan said, as quoted by MarketWatch.
“A quick look at blockchain’s data confirms that bitcoin is getting busier lately,” the analyst added, adding that the transactions-per-second were at their highest level since January.
While Bitcoin escaped its trading range thanks to a downward move, there are several levels of support that might prevent further development of a bearish trend, according to a technical analysis by industry website Coindesk. Should these fail, bears would have a clear path toward the 2018 low of around $5,800, according to the analysis.
At the moment Bitcoin appears to have weathered the storm, having defended the $6,300 mark. In today’s trading, the Bitcoin price stood at $6,329.44, as of 10:21 BST. The digital coin has lost 2.1% of its value in the past 24 hours, according to data from digital currency tracker Coinmarketcap. The coin’stotal market cap currently stands at $109.8 billion.