Bitcoin price (BTC/USD) continues to occupy tight range below $6,400

The digital coin returns to more sustainable levels after unexpected Thursday spike

Bitcoin price (BTC/USD) continues to occupy tight range below $6,400

The Bitcoin price (BTC/USD) has so far been relatively stable on Friday, despite having seen a slight loss in recent trading.

Having opened the Thursday session at $6,318.14, the original cryptocurrency saw an unexpected spike that lifted its price to an 11-day high of $6,547.14 in early trading. This is according to Coinmarketcap’s price average, which takes into account data from a multitude of cryptocurrency exchanges across the world. A breakdown of the data suggests that the increase likely reflected the Bitcoin price spiking on a number of smaller exchanges.

Bitcoin’s stint above the $6,500 mark was brief, as the coin quickly pulled back to levels that better reflected its current state. The coin spent the rest of the session trading in a tight range below the $6,400 level. Bitcoin finished the session at $6,377.78, notching up its highest close in five days.

Bitcoin has seen some losses in today’s morning session, especially in recent trading, when the coin dropped below the $6,370 mark. At the time of writing, the Bitcoin price was hovering around the levels of $6,355, according to data from Coinmarketcap.

Earlier this week, US banking giant Morgan Stanley issued report, updating its view on Bitcoin based on industry trends and developments it had observed in the past six months. In the report, the bank’s researchers defined Bitcoin as “a new institutional investment class” and pointed out that $7.11 billion of crypto were currently being stored by hedge funds, venture capital firms and private equity firms.

In today’s trading, the Bitcoin price stood at $6,355.50, as of10:33 BST. The digital coin has lost 0.6% of its value, Coinmarketcap data shows. The coin’s total market cap currently stands at $110.3 billion, which represents 5.7% of the combined value of all digital currencies.

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

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