The Bitcoin price (BTC/USD) has edged lower on Tuesday morning, amid continuing price fluctuations.
The original cryptocurrency had a strong start to yesterday’s session, with its price rising to an intraday high of $6,434.21 in early trading. However, the coin couldn’t to capitalise on the positive start, as its performance in subsequent trading was hindered by frequent price swings. The coin spent the majority of the session hovering around the $6,400 mark, unable to stabilise above that level. BTC went on a downward trajectory in the afternoon, with its price falling to an intraday low of $6,360.47 towards the end of the session. The digital currency eventually finished the session at $6,371.27, down from its opening level of $6,411.76.
Bitcoin has seen a similar trading pattern so far in today’s trading. The coin hit a nine-day low of $6,348.55 recently and is now hovering around the $6,350, according to data from digital currency tracker Coinmarketcap.
In the past couple of months Bitcoin has mostly remained stuck in this tight range of $6,300 -$6,600. However, some industry figures expect that the next Bitcoin bull run will happen sooner or later. Changpeng Zhao, the chief executive officer of the world’s largest crypto exchange, Binance, echoed this sentiment in a recent interview with CNBC Africa’s TV programme Crypto Trader.
“I actually don’t know what’s gonna be the catalyst,” Zhao said, pointing to the market’s inability to move higher, despite some positive developments in the industry. “But it will happen sooner or later, something will trigger it,” he added. He suggested that an inflow of institutional investors would be a “really strong trigger”.
In today’s trading, the Bitcoin price stood at $6,352.92, as of 10:15 GMT. The digital coin has lost 0.8% of its value in the past 24 hours, Coinmarketcap data shows.
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