Bitcoin price (BTC/USD) remains within striking distance of key $4,000 level
The Bitcoin price (BTC/USD) has seen a slight pull-back after topping the $4,000 mark in yesterday’s trading.
The original cryptocurrency jumped to around $3,970 in the early hours of yesterday’s session, using the positive momentum it had gained on Monday, when it broke above the $3,900 mark for the first time in more than a month. However, the coin then experienced a pull-back and spent the next few hours trading below the $3,950 level.
Following another big spike in the early afternoon, Bitcoin was finally able to break through the $4,000 barrier, reaching a near six-week high of $4,010.88, according to data from digital currency tracker Coinmarketcap. However, the coin couldn’t defend the level in the final hours of the session and eventually finished the day at $3,947.09, only slightly higher than its opening level of $3,911.66.
While Bitcoin tumbled to as low as $3,926.25 in today’s early trading, the coin has managed to pick up in subsequent trading. At the time of writing, the Bitcoin price was hovering around the $3,960 mark.
Meanwile, Bitcoin continues to enjoy solid trading volumes, although today the market activity appears to have weakened compared to the previous couple of sessions, when it posted daily trading volumes of almost $10 billion. Recent market data shows some $8.8 billion worth of BTC have changed hands in the past 24 hours.
Bitcoin’s recent price gains coincide with a notable improvement in market sentiment, Forbes reported yesterday, citing data from cryptocurrency analytics platform TheTIE.
“Daily sentiment on Bitcoin was positive beginning at around 12PM EST on February 15th preceding the upwards price movement. Daily sentiment peaked at 4:30 PM EST yesterday, and has remained strongly positive since then,” the platform’s co-founder Joshua Frank said, as quoted by Forbes.
“Today, tweet volume is 14.7% above its 30 day moving average, while trading volume is 61.1% higher than normal.”
In today’s trading, the Bitcoin price stood at $3,966.41, as of 10:07 GMT. The digital coin has gained nearly 1% in the past 24 hours, Coinmarketcap data shows. The coin’s total market capitalisation currently stands at $69.6 billion, which represents 51.9% of the combined value of all digital currencies.
