Bitcoin price (BTC/USD) edges lower despite strong Thursday start

Bitcoin price (BTC/USD) edges lower despite strong Thursday start

The Bitcoin price (BTC/USD) has edged lower on Thursday, suggesting that its recent rally may be running out of steam.

The original cryptocurrency saw some strong trading on Wednesday, which allowed its price to put the $3,900 level under significant pressure. While the coin didn’t experience a big move like the one it had seen on Tuesday, it enjoyed a steady advance throughout the session and eventually notched up its first close above $3,900 in 11 days. BTC closed the session at $3,903.94, slightly higher than its opening price of $3,897.08. It had risen to as high as $3,919.51.

The digital currency continued to advance in the early hours of today’s session with its price rising to an 11-day high of $3,939.37. However, the coin has pulled back in more recent trading and is currently fighting to stay above $3,900. At the time of writing, the Bitcoin price was hovering around the level of its Wednesday close, according to data from digital currency tracker Coinmarketcap.

Meanwhile, Bitcoin has seen a notable drop in terms of trading volume. Yesterday, the coin’s daily traded volume reached $9.175 billion, which was almost $1 billion lower than the trading volume the coin had generated in the preceding session. Recent market data shows that around $9.2 billion worth of BTC have changed hands over the past 24 hours.

Looking at today’s broader digital currency market, it seems that the recent crypto resurgence has, at least for now, come to a halt. With the exception of Binance Coin (BNB), most major digital currencies have seen modest gains or even losses over the past 24 hours.

In today’s trading, the Bitcoin price stood at $3,899.61, as of 10:17 GMT. The digital coin has gained 0.1% in the past 24 hours. The coin’s total market cap currently stands at $68.5 billion.

By Michael Harris
Specialising in economics by academia, with a passion for financial trading, Michael Harris has been a regular contributor to Invezz. His passion has given him first hand experience of trading, while his writing means he understands the market forces and wider regulation.

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