Bitcoin price (BTC/USD) unable to rebound convincingly following new 2019 low

The Bitcoin price (BTC/USD) has continued to struggle in the wake of it hitting a new 2019 low on Wednesday.

The original cryptocurrency took a significant hit during the opening hours of yesterday’s trading, with its price tumbling towards the low $3,400 area, where it spent the rest of the session. The coin even dropped below the $3,400 mark in the afternoon, posting a new 2019 low of $3,398.57. BTC eventually finished the session at $3,413.77, well below its opening level of $3,469.09.

The digital coin hasn’t fared much better so far in today’s trading, though it has at least avoided any major drops. The coin saw a small uptick earlier in the session, when its price rose as high as $3,426.18. However, its advance was a short-lived one, as the coin’s momentum was constantly hindered by minor price fluctuations. At the time of writing, the Bitcoin price was hovering around the $3,420 mark, according to data from digital currency tracker Coinmarketcap.

Bitcoin has had a rough start to 2019, unable to ignite a much needed recovery after a disastrous 2019. According to Jani Ziedins of the Cracked Market blog, the coin would have a hard time turning things around.

“Bitcoin keeps muddling along near the lows. If dip buyers are waiting to buy the dip, they are not tempted by these prices,” Ziedins wrote, as quoted by MarketWatch. “Those who wanted to buy bitcoin already bought bitcoin and there is no one left to buy. That is why this cryptocurrency has been so lifeless. The only thing that will save BTC at this point is spreading adoption of it as a currency, which so far doesn’t seem to be gaining traction. Without new money coming in, expect the price to keep drifting lower.”

In today’s trading, the Bitcoin price stood at $3,424.25, as of 10:03 GMT. The digital coin has gained 0.3% in the past 24 hours.