Bitcoin price (BTC/USD) hovers below $3,500 in lacklustre Friday trading

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Written on Feb 1, 2019

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The Bitcoin price (BTC/USD) remains stuck below the $3,500 level, despite seeing modest gains in late Friday morning trading.

The original cryptocurrency enjoyed some positive price action in the early hours of yesterday’s session, as its price managed to top the $3,500 mark for the first time in three days. However, the digital coin wasn’t able to secure a stable position above that mark and eventually pulled back to lower levels. Still, it saw a modest uptick towards the end of the session, when it rebounded from an intraday low of $3,447.92. The coin eventually closed the session at $3,457.79, down from its opening price of $3,485.41.

Bitcoin had a slow start to today’s trading, with its price falling to as low as $3,433.87. After spending the next few hours trading below the $3,450 mark, Bitcoin has seen a modest increase in recent trading. At the time of writing, the Bitcoin price was hovering around $3,470, according to data from digital currency tracker Coinmarketcap.

Bitcoin’s yesterday close at $3,457.79 meant another monthly loss for the No. 1 digital coin. BTC is now on a six-month losing streak, its longest on record.

According to Craig Erlam, senior market analyst at Oanda, the cryptocurrency has not reached a bottom yet.

“Bitcoin appears to have stabilized again following a couple of volatile months that saw it once again come under pressure. The last few weeks has seen it trading in much tighter ranges but at the same time, it has continued to drift lower which only reaffirms my view that darker days still lie ahead,” Erlam said, as quoted by MarketWatch.

“If we can see a break above $4,500, it would suggest near-term downside risks have abated and bring $6,000 back into focus but as it stands, momentum remains with the bears on this one,” the analyst added.

In today’s trading, the Bitcoin price stood at $3,473.76, as of 11:34 GMT. The digital currency has gained 0.4% in the past 24 hours and its total market cap currently stands at $60.8 billion.