The Bitcoin price (BTC/USD) remains locked in a tight range above the $3,900 level, having failed to build positive momentum in early Thursday trading.
The original cryptocurrency had a rather unremarkable Wednesday morning session, during which it was trying to defend the $3,900 mark. The coin dropped to an intraday low of $3,891.90 in late morning trading, but it was able to rebound quickly. The afternoon session offered some nervous trading, marked by frequent price fluctuations. Eventually, Bitcoin finished the day at $3,906.72, slightly lower than its opening price of $3,913.05.
Today’s session is seemingly shaping up to be another quiet session for Bitcoin. Apart from a temporary spike, which propelled the coin’s price to a three-day high of $3,935.19 in early trading, Bitcoin hasn’t seen a big price move in either direction. Still, the coin currently remains in the positive territory, with its price hovering around $3,910, according to data from digital currency tracker Coinmarketcap.
In its technical analysis piece for March 13, industry website Coindesk noted that the Bitcoin price was “trapped in a trading range defined by the 200-week simple moving average and the 200- week exponential moving average”, which were, at the time of writing, at $3,404 and $4,106, respectively. The website said that a weekly close above the upper end of that range would confirm a longer-term bearish-to-bullish trend change and could trigger a rally toward the $5,000 mark. However, if the coin finished the week below $3,404, it could face a renewed sell-off and a potential drop below the $3,000 mark, the online publication warned.
In today’s trading, the Bitcoin price stood at $3,911.16, as of 09:16 GMT. The digital coin has been little changed in the past 24 hours. The coin’s total market cap currently stands at nearly $68.8 billion, which represent 51.1% of the combined value of all digital currencies.