The Bitcoin price (BTC/USD) has seen some back-and-forth while trying to secure a stable position above the $6,500 mark over the weekend.
While the flagship cryptocurrency closed above the $6,500 level in both of the weekend sessions, it encountered some setbacks along the way. This was especially evident on Sunday, when the coin fell to an intraday low of $6,460.10, down from its opening level of $6,536.68, during the morning session. Bitcoin continued to struggle in the afternoon, amid frequent price fluctuations. Still, the digital currency reclaimed the $6,500 mark thanks to a late uptick that lifted its price to a close of $6,517.18.
Bitcoin has continued to wobble around the $6,500 on Monday, unable to secure a stable foothold above that mark. The coin rose to an intraday high of $6,540.21 in the early hours of the session, but has since pulled back to lower levels. At the time of writing, the Bitcoin price was hovering around $6,485, according to data from digital currency tracker Coinmarketcap.
Bitcoin’s struggles to take its advance above the $6,500 area coincide with a slowdown of the broader recovery rally that has dominated the crypto market over the past few days. The market fell to a near one-year low of $186.6 billion on Wednesday, as some major altcoins, such as Ethereum (ETH) and Litecoin (LTC) hit new 2018 lows. The crypto market bounced back in the latter part of the week and is now hovering slightly above $200 billion. Bitcoin currently makes up 55.6% of the combined value of all digital cryptocurrencies.
In today’s trading, the Bitcoin price stood at $6,482.93, as of 09:38 BST. The coin has lost 0.1% of its value in the past 24 hours. Its market cap currently stands at $112 billion.
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