Real Time Cryptocurrency News & Analysis

Bitcoin price (BTC/USD) moves within striking distance of $6,600 on Thursday morning

The Bitcoin price (BTC/USD) has returned above the $6,500 mark following a positive finish to an otherwise poor Wednesday session.

The original cryptocurrency had a largely disappointing session yesterday, as its price dropped below the $6,500 level for the first time in six days during the morning hours. The digital currency experienced a sharp increase in the early afternoon, with its price jumping to an intraday high of $6,571.46, but this turned out to be just a temporary spike, as the coin swiftly returned to sub-$6,500 levels. Still, Bitcoin managed to recuperate in the latter part of the session, which allowed it to mitigate its losses and finish the day on a somewhat positive note. The coin closed the session at $6,502.59, down from its opening level of $6,553.86.

Having notched up a close above $6,500 yesterday, Bitcoin enjoyed a much stronger start on Thursday. The coin saw a big price surge in the early hours of the session, which put it in a position to test the $6,600 level. After reaching an intraday high of $6,602.15, the Bitcoin price has pulled back to lightly lower levels and is currently hovering around $6,595, according to data from digital currency tracker Coinmarketcap.

With Bitcoin showing resilience around the $6,500 mark in recent weeks, some industry experts have suggested that the digital currency is due to bounce back sooner rather than later. Among those is billionaire investor and former hedge fund manager Mike Novogratz, who said last month that he was expecting a rebound after BTC had successfully held the $6,000 level. However, Novogratz indicated in more recent comments that he did not think that the anticipated rebound would be comparable to the bull run seen by the cryptocurrency in the final quarter of last year.

“I don't think it breaks $9,000 this year,” he said at the Economist Finance Disrupted event in Manhattan on Tuesday. According to a CNBC report, he added that it would take until the first two quarters of 2019 for the coin to break through the $10,000 barrier.

In today’s trading, the Bitcoin price stood at $6,593.36, as of 10:12 BST. The digital coin has gained 2% in the past 24 hours. Its total market cap currently stands at just over $114 billion, which represents 51.9% of the combined value of all digital currencies.

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