The Bitcoin price (BTC/USD) has edged lower amid some rocky trading on Thursday morning.
The original cryptocurrency had a relatively quiet session on Wednesday, with its price moving within a range of $6,500 – $6,600 throughout most of the day. The digital coin made a tentative attempt to break out of that range in the early hours of the session, but its advance run out of steam in the area just above $6,600. While BTC saw a notable drop in subsequent trading, it managed to defend the $6,500 mark. The coin finished the day at $6,544.43, slightly lower than its opening level of $6,590.52.
Bitcoin has been wobbling around yesterday’s close since the start of today’s trading, with its price experiencing numerous minor price fluctuations. At the time of writing, the Bitcoin price was hovering around $6,530, according to data from digital currency tracker Coinmarketcap.
On Monday, Bitcoin, as well as the wider crypto market, saw a big surge, which appeared to be triggered by a sell-off the dollar-pegged stablecoin Tether (USDT). Although the coin eventually pulled back from the levels it had reached thanks to the spike, the unexpected boost had a meaningful impact on its performance, according to an industry expert.
“This price action—shown on the chart below—was quickly sold-off but did decisively break the downward triangle, and needs to be watched carefully,” Nick Cawley, markets analyst at Daily FX, wrote, as quoted by Marketwatch. “If BTC can close above this triangle over the next few sessions, it will indicate renewed bullish sentiment that could push the price back to the 200-day moving average and the spike high between $7,200 and $7,300.”
In today’s trading, the Bitcoin price stood at $6,531.73, as of 10:15 BST. The digital coin has lost 0.4% of its value in the past 24 hours.
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