Bitcoin price (BTC/USD) inches closer to $4,000 on Friday

The Bitcoin price (BTC/USD) has inched closer to the $4,000 mark, regaining some of the ground it lost on Thursday.

While the original cryptocurrency enjoyed some positive price action in early trading, when its price rose to an intraday high of $4,010.01, the coin quickly lost its positive momentum. After spending the majority of the session at sub-$4,000 levels, the coin finished the day at $3,954.12, down from its opening level of $4,000.26.

Following yesterday’s lacklustre trading, Bitcoin’s performance has improved on Friday, but the coin has once again remained unable to secure a decisive break above $4,000 mark. The coin tested the level in the early afternoon, hitting an intraday high of $4,006.27, but then it swiftly retreated to lower levels. At the time of writing, the Bitcoin price was hovering around the $3,990 level, according to data from digital currency tracker Coinmarketcap.

While Bitcoin has seen a bit of a resurgence over the past few days, the coin hasn’t been able to overcome the stiff resistance around the key $4,000 level. The coin has been hinting at a possible breakout in the past three session but it has till to make the decisive step. It is worth noting that the coin has seen a significant drop in trading volume in recent trading. BTC’s daily trading volume averaged nearly $10 billion over Monday and Tuesday, when the coin’s initial rally towards $4,000 was taking place. However, yesterday Bitcoin posted a daily trading volume of $7.8 billion, a notable drop from the earlier results. The coin’s current 24-hour volume is comparable to yesterday’s daily figure.

In today’s trading, the Bitccoin price stood at $3,986.94, as of 16:35 GMT. The digital coin has gained almost 1% in the past 24 hours, Coinmarketcap data shows. Its total market capitalisation currently stands at almost $70 billion, which represents 51.9% of the combined value of all digital currencies.