Bitcoin price (BTC/USD) hovers around $6,600 after largely uneventful weekend

Bitcoin price (BTC/USD) hovers around $6,600 after largely uneventful weekend

The Bitcoin price (BTC/USD) continues to hover around the $6,600 mark after a weekend largely absent of big moves in either direction.

The original cryptocurrency spent the better part of yesterday’s session trading within a tight range of $6,550 – $6,600, with occasional spikes sending its price above the $6,600 mark. The biggest price spike occurred in the final hours of the session, when Bitcoin hit a six-day high of $6,641. The digital currency eventually closed at $6,602.95, up from its opening level of $6,590.68.

The digital coin has continued trading around the $6,600 level in today’s morning trading. At the time of writing, the Bitcoin price was hovering around $6,587.36, according to data from digital currency tracker Coinmarketcap.

In an interview with CNBC on Friday, Blockchain Capital’s Spencer Bogart said that he expected the cryptocurrency to rebound in the near future.

“We’re down about 70 percent from our highs, so I think that bitcoin is close to bottoming and so is the rest of the market,” Bogart said, as quoted by the news service.

Bogart also pointed to a number of positive developments, such as US brokerage TD Ameritrade making a strategic investment in a crypto exchange called ErisX, that seemingly had no impact on the Bitcoin price last week.

“Towards the end of last year, when we were in the peak of this bull market, bad news seemed to have no effect on the markets … Now we are seeing the other side of that, when we have a week of news with TD, Ric Edelman and Yale, and it has almost no effect on price,” he said.

Nevertheless, Bogart believes that these developments, which also included billionaire Ric Edelman investing in cryptocurrency index fund leader Bitwise Asset Management, are “important building blocks to leading more institutional capital into the space”.

Bogart later said on Twitter that “I think we end the year with Bitcoin” above $10,000.

In today’s trading, the Bitcoin price stood at $6,587.57, as of 07:04 BST. The coin’s total market cap currently stands at just over $114 billion.

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

By Michael Harris
Specialising in economics by academia, with a passion for financial trading, Michael Harris has been a regular contributor to Invezz. His passion has given him first hand experience of trading, while his writing means he understands the market forces and wider regulation.
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