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Bitcoin price (BTC/USD) struggles to reclaim $6,500 level after late Wednesday drop

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The Bitcoin price (BTC/USD) remains virtually unchanged in late Thursday morning, as a recent pull-back has erased the coin’s earlier progress.

While the flagship cryptocurrency enjoyed a mostly positive trading yesterday, it lost a bit of steam towards the end of the session. Having opened the session at $6,452.79, the coin was able to rise above the $6,500 in the afternoon. However, after reaching an intraday high of $6,585.91, Bitcoin quickly lost momentum and finished the day at $6,495.00.

The coin attempted to reclaim the $6,500 level during the early hours of today’s trading, but its efforts only resulted in a couple of brief spells above that mark. The Bitcoin price has since seen a pull-back and is currently hovering around the $6,490 level, according to digital currency tracker Coinmarketcap.

In its Wednesday technical analysis, industry website Coindesk, noted that a key Bitcoin volatility indicator had reached its lowest level in 21 months. The website also pointed out that an “extended period of low volatility usually paves way for a strong directional bias, meaning bitcoin could soon witness a big move in either direction”.

Meanwhile, Bitcoin could benefit from Google’s recent decision to partly lift its ban on cryptocurrency related ads. According to Chris Wilmer, Bitcoin expert and a professor in the University of Pittsburgh’s Swanson School of Engineering, Google’s decision, which kicks off in October “is a positive step for well-established cryptocurrencies like bitcoin and ethereum”.

“Bitcoin is a technological breakthrough, with many applications beyond being a new, better form of money. While platforms such as Google and Facebook need to be mindful of false and malicious cryptocurrency ads, simply banning all ads was not the right thing to do,” Wilmer told Forbes on Tuesday.

"The longer bitcoin has existed and continued to grow, despite the predictions of many, the more the world is realizing that this is an important technology that is here to stay,” he added.

In today’s trading, the Bitcoin price currently stands at $6,495.67, as of 11:53 BST. The digital coin has gained 0.1% over the past 24 hours.

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

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