Bitcoin price (BTC/USD) edges lower on Thursday morning

The Bitcoin price (BTC/USD) has seen a downward correction signalling that the modest crypto rally seen on Wednesday might be running out of steam.

The original cryptocurrency enjoyed some positive price action yesterday, especially in the afternoon session, when it rallied to a four-day high of $3,947.98. The digital coin eventually finished the day at $3,943.41, well above its opening level of $3,849.22.

However, today’s trading session has so far seen BTC being back on the defensive, unable to challenge the $4,000 level in any significant way. The coin failed to defend the $3,900 mark and is currently trading at around $3,890, according to data from digital currency tracker Coinmarketcap.

Bitcoin ended the month of December at $3,742.70, posting its fifth consecutive monthly loss. As noted by industry website Coindesk, this marked BTC’s worst period since November 2011, when it also recorded a five-month losing streak. It remains to be seen whether the coin can snap its losing streak in January. After the first couple of sessions Bitcoin is slightly ahead, having started the year at $3,746.71.

Some analysts believe that big institutional investment would be injected into the crypto market in 2019. Projects such as The Intercontinental Exchange’s crypto company Bakkt seemingly support such expectations.

On Monday, Bakkt’s chief executive officer Kelly Loeffler announced that the company had completed its first round of funding, raising $182.5 million from 12 partners and investors, “who like us, believe in the future of digital assets. These partners and investors include “Boston Consulting Group, CMT Digital, Eagle Seven, Galaxy Digital, Goldfinch Partners, Alan Howard, Horizons Ventures, Intercontinental Exchange, Microsoft’s venture capital arm, M12, Pantera Capital, PayU, the fintech arm of Naspers, and Protocol Ventures”.

In today’s trading, the Bitcoin price stood at $3,890.21, as of 11:08 GMT. The digital coin has gained 1.2% over the past 24 hours.

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