Bitcoin price (BTC/USD) recovers from late Wednesday drop

The Bitcoin price (BTC/USD) has managed to bounce back after sinking below $3,800 in yesterday’s afternoon session.

The original cryptocurrency enjoyed some positive price action on Wednesday morning, which allowed the coin to come within striking distance of the $3,900 level. However, after peaking at $3,888.80 in the early afternoon, the digital currency continued on a downward trajectory and later suffered a sharp drop that sent its price below the $3,800 mark for the first time in three days. The coin managed to bounce back in the final hours of the session and finished the day at $3,851.05, slightly below its opening price of $3,857.48.

While today’s trading has so far been lacking big moves, Bitcoin has managed inch closer to the $3,900 mark. At the time of writing, the Bitcoin price was hovering around the $3,870 mark, according to data from digital currency tracker Coinmarketcap.

Bitcoin has been struggling to break through the $3,900 mark since its Sunday sell-off, which followed the coin’s rise to a two-month high of $4,210.64. According to FX Pro markets analyst Alex Kuptsikevich, that sell-off was driven by profit taking.

“The rapid growth to $4,200 for bitcoin launched active profit taking, taking away immediately $400. Thus, no matter how crypto-optimists would like to believe in reaching the bottom, we are still faced with the usual speculations [of a new low],” Kuptsikevich said, as quoted by MarketWatch.

While BTC has failed to defend the $4,000 mark, the coin is still on track to end its streak of six consecutive monthly losses. BTC started the month at $3,460.55.

In today’s trading, the Bitcoin price stood at $3,873.42, as of 10:12 GMT. The digital coin has gained 0.1% in the past 24 hours. Its total market capitalisation currently stands at just over $68 billion, which represents 52.1% of the combined value of all digital currencies.