Bitcoin price (BTC/USD) edges higher following disappointing Monday finish

Bitcoin price (BTC/USD) edges higher following disappointing Monday finish

The Bitcoin price (BTC/USD) has edged higher on Tuesday in an attempt to reclaim the $5,100 level it gave up during the Monday session.

The original cryptocurrency started the Monday session strongly, moving within striking distance of the $5,200 mark. While the coin didn’t manage to break through that barrier, it hit a four-day high of $5,196.61 in the opening hours of the session.

BTC spent the next few hours of trading around those levels, but its performance started to weaken in the afternoon. The coin experienced a sharp pull back in late trading, which sent its price to a four-day low of $5,024.07. The coin finished the day at $5,067.11, well below its opening price of $5,167.31.

Bitcoin saw some positive price action during today’s morning session, which allowed the coin to briefly reclaim the $5,100 mark. However, it has experienced a pull-back in more recent trading and is currently hovering around the $5,090 level.

Having seen strong gain in early April, Bitcoin has started to run out of steam in the past few days. The coin set a new 2019 high of $5,421.65 last Wednesday, but followed that with a decline to sub-$5,000 levels on Friday.

The coin has also seen a significant drop in market activity from early April, when it averaged daily trading volume of over $20 billion across two sessions. Recent market data shows that around $12 billion worth of BTC coins have changed hands over the past 24 hours. This is below BTC’s Monday trading volume of $12.3 billion.

In today’s trading, the Bitcoin price stood at $5,089.32, as of 13:38 BST. The digital coin has lost 1.5% of its value in the past 24 hours, according to data from digital currency tracker Coinmarketcap. It’s total market capitalisation currently stands at nearly $90 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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