The Bitcoin price (BTC/USD) has edged lower on Tuesday, in line with a slight corrective trend observed across the crypto market.
The original cryptocurrency had a relatively quiet session, following its strong performance in the latter part of last week. The digital coin opened the session at $3,695.61, which remained its highest price for the day, according to data from digital currency tracker Coinmarketcap. The coin experienced several minor dips during the day, but it managed to hold above the $3,600 level. BTC eventually finished the day at $3,648.43.
However, the coin has moved closer toward the $3,600 mark, after dropping to as low as $3,620 in the opening minutes of today’s session. Despite its subsequent effort to rebound, BTC has remained in the negative territory. At the time of writing, the Bitcoin price was hovering around the $3,625 mark.
Bitcoin’s decline appears to be part of a corrective trend, observed across the broader cryptocurrency market. Most major coins, including standout performers from last week such as Ethereum (ETH) and Litecoin (LTC), have suffered losses over the past 24 hours.
Mati Greenspan, senior market analyst at eToro, recently warned that while last week’s crypto rally had been encouraging, “it’s important to remember that we’re not out of the bear market just yet”.
“While some might argue the bears are weakening, bitcoin needs a strong breakout above the psychological level of $5,000 before the bulls can sharpen their horns in earnest,” Greenspan added.
Nigel Green, chief executive officer of UK consulting group deVere Group, expressed a similar sentiment.
“It was a relatively sudden jump, and, of course, positive news for those holding bitcoin,” he wrote, as quoted by MarketWatch. “However, the price only reached the top of the trading range and investors should not be popping champagne corks just yet.”
In today’s trading, the Bitcoin price stood at $3,623.13, as of 10:34 GMT. The digital coin has lost 0.9% of its value in the last 24 hours.