Bitcoin price (BTC/USD) bounces back after hitting one-week low on Monday morning

Bitcoin price (BTC/USD) bounces back after hitting one-week low on Monday morning

The Bitcoin price (BTC/USD) said has edged higher on Monday, overcoming a slow start that saw it dropping too one-week low in early trading.

While the original cryptocurrency enjoyed some positive price action during yesterday’s early trading, the Monday session ultimately proved disappointing for the coin. BTC rose to a high as $3,966.36 during the opening hours of the session, but then it experienced a sharp pull-back that sent its price below the $3,900 mark. The coin hit an intraday low of $3,889.24 in the afternoon and eventually closed the session at $3,905.23, down from its opening level of $3,953.74.

The digital coin has struggled to establish a stable position above the $3,900 level in today’s session. The coin fell to as low as $3,863.56 earlier today, but it has managed to bounce back in more recent trading. At the time of writing, the Bitcoin price was hovering around $3,920, according to data from digital currency tracker Coinmarketcap.

While Bitcoin has seen some strong gains this month, especially on March 5, the digital coin has also faced significant resistance around the key $4,000 barrier, which has prevented it from further extending its advance. As a result, Bitcoin has largely been overshadowed by major altcoins such as Litecoin (LTC) and Binace Coin (BNB), which have enjoyed massive gains over the past couple of weeks. Some analysts believe that this is a positive sign for the larger digital currency market.

“With bitcoin lagging behind while other cryptos surge, the feeling is that the crypto winter is coming to a close and it is now alt season,” Mati Greenspan, senior market analyst at eToro, recently wrote, as quoted by MarketWatch. “Of course, there’s no telling how long this could last but the signs are all in place. Global volume across crypto exchanges is holding steady at around $30 billion per day, yet bitcoin’s volume is less than a third of that figure,” he added.

In today’s trading, the Bitcoin price stood at $3,920.46, as of 10:56 GMT. The digital coin has lost 0.15 of its value in the past 24 hours.

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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