The Bitcoin price (BTC/USD) has edged lower after seeing some rocky trading over the past few sessions.
Despite rising to a six-day high of $6,785.03 during Friday’s morning trading, the original cryptocurrency finished the session in the red, closing at 6,644.13, slightly below its opening level of $6,678.75. The weekend sessions were equally challenging, with the $6,500 mark coming under significant pressure during Saturday’s early trading. Still the coin managed to defend the level and secure closes above $6,600 on both Saturday and Sunday. The coin even managed to post some modest gains yesterday, as it finished the day at $6,025.56, up from its opening level of $6,604.71.
This close, however, meant another monthly loss for Bitcoin, following the coin’s decline in August. The digital coin opened at just over $7,000 on September 1 and reached its high for the month – $7,388.43 – just a few days later. However, the coin’s advance halted after facing strong selling pressure on September 5. Having dropped below the $7,000 mark, Bitcoin spent most of the rest of September trading below the $6,500 mark. One bright spot for the coin during that period was its successful defence of the key $6,000, which prompted industry figures, such as investor Mike Novogratz, to say that BTC had found a new bottom.
“Bitcoin has held $6,000. Yes, it is off its highs, but it has established itself as a store of value,” Novogratz said at a recent event, held by Yahoo Finance.
In today’s trading, the Bitcoin price stood at $6,615.35, as of 10:36 BST. The digital coin has gained 0.4% in the past 24 hours, according to data from digital currency tracker Coinmarketcap. Its total market cap currently stands at $114.4 billion, which represents 51.2% of the combined value of all digital coins.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.