Bitcoin price (BTC/USD) loses momentum on Thursday morning

on Jan 31, 2019

The Bitcoin price (BTC/USD) looks set to post its sixth consecutive monthly loss after a recent drop thwarted the modest momentum it managed to build on Wednesday.

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The original cryptocurrency enjoyed a positive session yesterday, as it was able to defend the $3,400 level despite stumbling in the opening hours. The digital coin spent the better part of the session moving on an upward trajectory, but it came just short of breaking through the $3,500 barrier. After reaching a two-day high of 4495.17 in the afternoon, Bitcoin eventually closed the session at $3,486.18, up from its opening level of $3,443.90.

The digital currency managed to top the $3,500 mark in today’s early trading, when its price rose to as high as $3,504.80. However, the coin has so far been unable to secure a stable position above that level. After spending several hours hovering around $3,500, BTC experienced a steep drop that erased most of the progress the coin had made in the prior session. At the time of writing, the Bitcoin price was hovering around $3,460, according to digital currency tracker Coinmarketcap.

With its failure to secure a convincing break above $3,500, Bitcoin now seems poised to extend its monthly losing streak to six consecutive months. The cryptocurrency started the year at $3,746.71, which means that in order to snap the streak it needs to gain over 7% by the end of the session. Given the negative market sentiment and Bitcoin’s low price volatility in recent weeks, such a scenario seems highly unlikely.

In today’s trading, the Bitcoin price stood at $3,459.77, as of 10:47 GMT. The digital coin has lost 0.1% of its value in the past 24 hours, Coinmarketcap data shows. The coin’s total market capitalisation currently stands at $60.58 billion, which represents 53.4% of the combined value of all digital currencies.

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