The Bitcoin price (BTC/USD) has managed to rebound after falling to a 14-month low on Sunday, but a slow Monday start has shown that the digital coin is struggling to find its path towards recovery.
The original cryptocurrency had to endure some tough trading over the weekend, amid another intense crypto sell-off. The sell-off started in late Saturday trading, when the Bitcoin price dropped below the $4,000 mark for the first time since September 27, 2017. The digital coin finished the Saturday session at $3,880.76, well below its opening level of $4,347.69.
The coin continued to decline during yesterday’s morning session, falling to as low as $3,585.06, according to data from digital currency tracker Coinmarketcap. This was Bitcoin’s lowest price level since September 22, 2017. At that point Bitcoin was on track to post its biggest weekly loss in over five years, as its price was down 36% from its opening price last Monday. However, BTC managed to bounce back in the afternoon, reaching an intraday high of $4,120.87 in late trading. The coin eventually closed the session at $4,009.97.
Despite the strong Sunday finish, Bitcoin has so far in today’s trading been unable to further its rally and make a decisive comeback. Moreover, the coin hasn’t been successful in its defence of the $4,000 mark and is currently hovering around the $3,965 level.
The same pattern has been observed across the wider digital currency market. While most major digital coins are posting big gains for the most recent 24-hour period thanks to the resurgence seen in the final hours of the Sunday session, the positive momentum has waned on Monday. Still, the total crypto market currently stands at $127.8 billion, up from its yesterday low of $114.5 billion. Bitcoin’s total market cap represents 54% of the total value of all digital coins.
In today’s trading, the Bitcoin price stood at $3,965.19, as of 09:32 GMT. The digital coin has gained almost 7% over the past 24 hours.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.