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Bitcoin price (BTC/USD) rises above $11,000, but rally fizzles out

on Mar 2, 2018
Updated: Oct 11, 2019
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Bitcoin (BTC) has seen significant gains in the past 24 hours, which has allowed the original cryptocurrency to return above the $11,000 mark.

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The Bitcoin price saw most of its gains on Thursday, as it rose by nearly $700 to hit an intraday high of $11,052.30. The digital coin eventually finished the session at $10,951.00, which was its highest close since February 20.

Bitcoin managed to break through the $11,000 barrier shortly after the start of today’s trading. It seemed, in the early hours of the session, that the cryptocurrency has gained enough momentum to sustain a more significant run above that mark, with its price fast approaching the $11,200 level. However, the rally has fizzled out in more recent trading, with the cryptocurrency pulling back to lower levels. At the time of writing, the Bitcoin price was hovering around $11,000, according to data from cryptocurrency tracker Coinmarketcap.

The current price levels show that Bitcoin has gained more than 80% from its February 6 low of around $6,050. However, over the past week, the cryptocurrency has largely stayed within a narrow price range of $10,000 to $11,000, unable to stage another big breakout.

During an appearance on CNBC’s TV programme “Trading Nation” on Thursday, DataTrek Research co-founder Nick Colas said that for another breakout to happen, Bitcoin would need to be adopted as payment method by a major retailer such as Amazon. Right now, price volatility and underdeveloped technology is a roadblock, he told the business news outlet.

In today’s trading, the Bitcoin price stood at $10,965.90, as of 10:30 GMT. The digital coin has gained 2.5% in the past 24 hours.

For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.

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