The Bitcoin price (BTC/USD) has seen more losses on Friday morning, tumbling down to its lowest level in more than 13 months in the early hours of the session.
The original cryptocurrency had a difficult session on Thursday, as the brief resurgence it had enjoyed in the previous session was not enough to spark an actual Bitcoin comeback. Instead, the digital coin spent the entire Thursday session moving on a downward trajectory. Eventually, the coin finished the day at $4,365.94, well below its opening level of $4,611.57.
Bitcoin continued to struggle in the early hours of today’s trading, when its price tumbled to as low as $4,195.68. This was Bitcoin’s lowest price level since October 5, 2017, according to data from digital currency tracker Coinmarketcap. The coin has seen a modest uptick in more recent trading and its price is currently hovering around $4,370.
In a technical analysis published on Thursday, industry website Coindesk said that for a Bitcoin recovery to happen, the leading digital currency will first need to recapture the $4,600 mark. However, the coin has struggled to stay above that level in the past few sessions, as the selling pressure has remained strong. BTC posted lower intraday highs in each of the previous session this week, which suggests that it is becoming increasingly difficult for the coin to overturn the bearish sentiment that dominates the current crypto market.
In today’s trading, the Bitcoin price stood at $4,371.80, as of 10:23 GMT. The coin has lost 3.4% of its value in the past 24 hours, Coinmarketcap data shows. The coin’s total market cap currently stands at just over $76 billion, which represents 53.8% of the combined value of all digital coins.
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