Bitcoin price (BTC/USD) edges higher after $3,400 level holds

The Bitcoin price (BTC/USD) has edged higher following its drop to a new 2019 low on Tuesday morning.

The original cryptocurrency saw some challenging trading in the opening hours of yesterday’s session, during which its price came close to dropping below the $3,400 mark. The digital coin fell to as low as $3,400.82, which was its lowest price level since December 17, according to data from digital currency tracker Coinmarketcap. The coin managed to rebound in subsequent trading, although it was unable to fully recover. BTC finished the session at $3,448.12, down from its opening price of $3,468.87.

Following a slight drop at the start of today’s session, Bitcoin has returned in the green, with its price hitting an intraday high of $3,472.10. However, this is hardly a convincing rebound for the coin, which is trying to snap a five-month losing streak. Having started the year at $3,746.71, Bitcoin now seems poised to record its sixth consecutive monthly loss.

In other Bitcoin-related news, the World Gold Council argued in a new report that Bitcoin had failed to prove that it can rival the yellow market as a store of value.

“In Q4 2018, as global stock markets experienced their worst quarter since 2009, cryptocurrencies had a prime opportunity to demonstrate qualities associated with havens like gold. However, cryptocurrencies, such as bitcoin, behaved like risky assets and fell while gold rallied,” the report said, as quoted by MarketWatch.

Last week, the chief executive officer of Van Eck Associates, Jan Van Eck, told CNBC that Bitcoin investors seemed to be shifting their investments from the digital currency to gold.

In today’s trading, the Bitcoin price stood at $3,459.03, as of 09:41 GMT. The digital currency has gained just over 1% in the past 24 hours. Its total market cap currently stands at $60.5 billion.