The Bitcoin price (BTC/USD) has struggled to secure a position above the $6,500 mark, as its recovery rally has slowed down.
The original cryptocurrency spent the better part of yesterday’s session, trading in the $6,300 – $6,400 area. The digital coin made an unsuccessful attempt to test the $6,500 level towards the end of the morning session, with its price rising to an intraday high of $6,473.50. After experiencing some heavy price gyrations in the afternoon, Bitcoin eventually finished the session at $6,334.73, up from its opening level of $6,294.23.
The digital currency experienced another sharp rise in the early hours of today’s trading, which allowed it to have another go at the $6,500 barrier. The coin rose to as high as $6,524.47 earlier today, but it has failed to defend these gains in subsequent trading. At the time of writing, the Bitcoin price was hovering around $6,495, according to data from digital currency tracker Coinmarketcap.
In its Thursday technical analysis, industry website Coindesk noted that Bitcoin bulls were slowly gaining ground, but only a break above key resistance at $6,675 would confirm a bullish reversal.
“A break above $6,675, if accompanied by a pick-up in volumes, would confirm a bearish-to-bullish trend change and allow a rally to $7,490,” the analysis says.
In today’s trading, the Bitcoin price stood at $6,494, as of $09:49 BST. The digital coin has gained 1.3% in the past 24 hours, Coinmarketcap data shows. This mean that the coin has underperformed the wider crypto market, which has seen most major altcoins posting more impressive gains over the past 24 hours.
Bitcoin’s total market cap currently stands at $111.8 billion, which represents 52.4% of the total value of all digital currencies.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.