The Bitcoin price (BTC/USD) has notched up its highest level in more than a month thanks to a strong performance over the weekend.
The original cryptocurrency spent the better part of the Saturday session trading in a tight range of $6,600 – $6,650, down from its Friday close of $6,673.50. However, the digital coin experienced a sharp increase during the final hours of the session, which allowed it to break above the $6,800 barrier for the first time since June 21. The coin finished the day at $6,856.93 and further extended its advance during the Sunday session.
Bitcoin was hovering above the $6,800 mark during most of yesterday’s session, rising to an intraday high of $6,885.91 in the afternoon. This was Bitcoin’s highest price level since July 12, according to data from cryptocurrency tracker Coinmarketcap. However, its approach towards $6,900 was met with stiff resistance and the coin was forced to pull back in the latter part of the session. Having lost its momentum, Bitcoin retreated to a close of $6,773.88 on Sunday.
The downward momentum has continued to hinder Bitcoin’s performance in the early hours of today’s session. The Bitcoin price is currently hovering around $6,760, having tumbled to as low as $6,747.98 earlier in the session.
Industry website Coindesk last week highlighted the fact that this year, for the first time on record, Bitcoin ended the second quarter with a loss. However, the online publication also noted that a recent rebound from the key 75-week average supported a more optimistic outlook for the coin.
In today’s trading, the Bitcoin price stood at $6,761.70, as of 06:08 BST. The digital currency has lost nearly 1% of its value in the past 24 hours, Coinmarketcap data shows. Its total market capitalisation currently stands at $115.9 billion.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.