Bitcoin price (BTC/USD) edges lower, but holds above $4,000 on Monday morning

The Bitcoin price (BTC/USD) has edged lower after hitting a near two-week high above $4,000 on Sunday afternoon.

The original cryptocurrency broke through the $4,000 barrier on Sunday afternoon, with its price surging to a 13-day high of $4,093.30. The price jump came unexpectedly in what had up to that point been a rather uneventful session. Regardless, BTC was able to held above the $4,000 mark, signalling that the sudden uptick was more than just a temporary spike. The coin eventually finished the session at $4,076.63, well above its opening level of $3,836.52.

Bitcoin has been quite stable since the start of today’s session, although the coin has seen a slight dip in recent trading. At the time of writing, the Bitcoin price was hovering around $4,020, according to data from digital currency tracker Coinmarketcap. Most of BTC’s major rivals, such as Ethereum (ETH) and Ripple (XRP), has experienced similar trading patterns, with their prices pulling back from their Sunday highs during today’s morning session. Stellar Lumens (XLM) is currently the best performing top 10 cryptocurrency thanks to a 6.3% 24-hour gain.

In its January 7 technical analysis, industry website Coindesk noted that a “convincing break” above the key $4,140 resistance level “would put the bulls back into the driver’s seat”. However, the website also said that “a longer-term bullish reversal would be confirmed only above the former support-turned-resistance of the 21-month exponential moving average (EMA) of $5,567”.  

In today’s trading, the Bitcoin price stood at $4,026.11, as of 11:04 GMT. The digital coin has gained 4.4% in the past 24 hours, Coinmarketcap data shows. The coin’s total market cap currently stands at $70.3 billion, which represents 51.7% of the combined value of all digital coins.

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