Bitcoin price (BTC/USD) pulls back after briefly topping $4,100 on Tuesday afternoon

Bitcoin price (BTC/USD) pulls back after briefly topping $4,100 on Tuesday afternoon

The Bitcoin price (BTC/USD) continues to be stuck in the $4,000-4,100 range after a breakout attempt ended prematurely during yesterday’s late trading.

The original cryptocurrency experienced some mixed trading on Tuesday, with its price swinging between gains and losses. The digital coin had a poor start to the session, as it dropped to an intraday low of $3,996.96 in the early hours of trading. The coin was able to rebound from that low and even managed to top the $4,100 level in the afternoon. Its intraday high of $4,109.02, was also its highest price level since December 24, according to data from digital currency tracker Coinmarketcap. However, after reaching that high, BTC pulled back and spent the final hours of the session on the defensive. The digital currency finished the day at $4,030.85, only slightly higher than its opening price of $4,028.47.

The Wednesday session has so far been comparatively quiet, although Bitcoin saw a dip to $4,022.66 early on. The coin has been able to bounce back in more recent trading, with its price rising to as high as $4,068.40. At the time of writing, the Bitcoin price was hovering around $4,060.

Yesterday’s late pull-back suggests that despite its recent gains, namely the Sunday break above the $4,000 level, Bitcoin is still struggling to recover from the cryptocurrency bloodbath that occurred in late 2018. Industry website Coindesk argued in its January 7 technical analysis that a revival of the bullish momentum would require a convincing break above the $4,140 resistance level. As of today that level remains largely unchallenged.

In today’s trading, the Bitcoin price stood at $4,057.86, as of 09:55 GMT. The digital coin has gained 0.9% in the past 24 hours. Its total market cap currently stands at $70.9 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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