Bitcoin price (BTC/USD) pulls back after promising Friday start

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Updated on Oct 11, 2019

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The Bitcoin price (BTC/USD) has edged lower as a result of a downward correction that came after its Wednesday gains.

The original cryptocurrency spent the better part of the Thursday trading session moving on a downward trajectory. Having opened at $3,931.05, the digital coin dropped below the $3,900 level in the early morning session and then continued to gradually decline until it reached an intraday low of $3,826.22 in the late afternoon trading. According to data from digital currency tracker Coinmarketcap, the coin finished the session at $3,836.74.

Bitcoin saw some modest gains during the early hours of today’s session, when it rose to as high as $3,863.42. However, the coin has pulled back in more recent trading and is currently trading below the level of its Thursday close.

2018 was a difficult year for Bitcoin and the broader crypto currency. The original cryptocurrency ended the year at $3,742.70, having lost more than 73% in the 12 months to December 31, amid increased regulatory pressure, high-profile cyber-attacks against crypto exchanges, a significant cooldown of the ICO market and weakened investor sentiment. But with 2019 already underway, crypto supporters hope that the market could make comeback. And according to some technical indicators, a Bitcoin comeback may indeed be coming soon.

According to a Bloomberg report on Wednesday, the GTI Vera Convergence Divergence indicator is suggesting that BTC is in its longest buying streak in six months. If this trend continues, BTC could continue to see a rise in prices.

In addition, the newswire said that the Bloomberg Galaxy Crypto Index, which tracks some of the largest digital currencies, was in its longest “buy streak” since its September rally.

In today’s trading, the Bitcoin price stood at $3,831.36, as of 11:01 BST. The digital coin has lost 1.3% of its value in the past 24 hours. Its total market cap currently stands at $66.9 billion.

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