The Bitcoin price (BTC/USD) has seen some modest gains over the past 24 hours, providing the original cryptocurrency with some respite after the recent crypto slump.
The No.1 digital currency sank to a three-week low of $6,404 in yesterday’s morning session, amid massive sell-off felt across the entire cryptocurrency market. As the session progressed, the digital coin managed to steady its course thanks to a minor corrective rally that lifted its price above the $6,500 mark. While the coin experienced some mixed trading in the afternoon, it ultimately managed to resist the selling pressure and secured a close of $6,529.17, limiting its losses on the day to 3.3%. Still, the close was a significant departure from the coin’s Wednesday high of $7,388.43.
The cryptocurrency has held above the $6,500 level since the start of today’s trading and has even shown signs that it may extend its rally a bit further. Earlier in the session, the Bitcoin price rose to an intraday high of $6,552.66, though it has since pulled back to slightly lower levels. At the time of writing, the Bitcoin price was hovering around $6,540, according to data from digital currency tracker Coinmarketcap.
The close above $6,500 may have put an end to Bitcoin’s price plunge for now, but the steep decline means that a Bitcoin bull run is now less likely to develop. In its September 6 technical analysis, industry website Coindesk noted that “a convincing move above the July high of $8,507 would confirm a long-term bullish reversal”. Meanwhile, a weekly close below $6,000 would confirm a bearish reversal.
In today’s trading, the Bitcoin price stood at $6,547.34, as of 07:02 BST. The digital coin has gained 1.5% in the past 24 hours. Its total market cap currently stands at almost $113 billion, which represents 54.2% of the combined value of all digital currencies.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.