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Bitcoin price (BTC/USD) rebounds on Sunday to avoid drop below $6,000

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The Bitcoin price (BTC/USD) has seen a modest rebound after falling to a near four-week low on Saturday.

The original cryptocurrency had struggled in the latter part of last week, as price dropped below the psychological level of $7,000 following a Wednesday report suggesting that Wall Street giant Goldman Sachs was abandoning plans to open a digital currency trading desk. Bitcoin’s decline hit its lowest point in late Saturday trading, when the coin plunged to an intraday low of $6,197.52, according to data from digital currency tracker Coinmarketcap. This was Bitcoin’s lowest price level since August 14.

After trading around $6,200 during yesterday’s morning trading, the digital currency jumped to an intraday high of $6,446.26 in the early afternoon session. While the coin pulled back toward the end of the session, it finished the day at $6,300.26, up from its opening level of $6,223.38.

Bitcoin has been holding above the $6,300 level in today’s trading. However, it has also been unable to go much higher, as an early move above the $6,350 mark was quickly abandoned. At the time of writing, the Bitcoin price was hovering around $6,310.

While the coin’s rebound on Sunday may not appear very significant, at the very least it helped the No. 1 digital currency to avoid a weekly finish below the $6,000 level. In its September 7 technical analysis, industry website Coindesk argue that such a close would confirm a long-term bearish reversal for the coin.

In today’s trading, the Bitcoin price stood at $6,307.31, as of 11:42 BST. The digital coin has lost 1.1% of its value in the past 24 hours, Coinmarketcap data shows. The coin’s total market cap currently stands at $108.8, which represents 55.7% of the combined value of all digital currencies.

For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.

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