Bitcoin price (BTC/USD) edges higher on Wednesday morning

on Dec 12, 2018
Updated: Oct 11, 2019

The Bitcoin price (BTC/USD) has seen modest gains after hitting a three-day high during Tuesday’s disappointing trading.  

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Despite experiencing some ups and downs in yesterday’s morning session, the original cryptocurrency showed some resilience in the face of a broader crypto downtrend, with its price hovering around the $3,500 mark. However, the situation changed in the afternoon part of the session, during which the digital coin fell to a three-day low of $3,392.25. Eventually, Bitcoin finished the session at $3,424.59, down from its opening level of $3,497.55.

Following yesterday’s disappointing session, the coin has seen slightly more encouraging trading on Wednesday. The coin has so far enjoyed a slow, but steady advance in the morning session. As a result, the Bitcoin price topped the $3,470 mark in recent trading. At the time of writing, the Bitcoin price was hovering around $3,470, according to data from digital currency tracker Coinmarketcap.

In its analysis piece for December 11, industry website Coindesk noted that a key long-term Bitcoin price indicator was posting oversold conditions for the first time in nearly four years. The online publication said that at the time of writing yesterday the 14-week relative strength index (RSI) stood at 29.80, a level last seen in January 2015. The indicator oscillates between zero and 100, with sub-30 readings indicating oversold conditions.

“Essentially, the under-30 reading on the 14-week RSI indicates that the recent heavy selling from the highs above $6,200 may have reached a point of exhaustion,” Coindesk said. “As a result, BTC may defend the immediate support at $3,179 (200-week moving average) in the short-run.”

In today’s trading, the Bitcoin price stood at $3,473.72, as of 10:21 GMT. The digital coin has gained 0.5% of its value in the past 24 hours. Its total market capitalisation currently stands at $60.5 billion.

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


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