Real Time Cryptocurrency News & Analysis

Bitcoin price (BTC/USD) struggles to secure decisive break above $6,500

The Bitcoin price (BTC/USD) continues to experience difficulties in securing a break above a major barrier, as frequent fluctuations hinder its performance.

The original cryptocurrency spent the better part of yesterday’s session trading near the $6,500 mark, but unable to secure a decisive break above this psychological barrier. The digital coin experienced a slight uptick in the early hours of the session, with its price rising to an intraday high of $6,506.01, but then swiftly returned to sub-$6,500 levels. The rest of the trading was marked by frequent, albeit minor, price fluctuations, which prevented the coin from building enough momentum to test the $6,500 mark in any meaningful way. BTC eventually finished the day at $6,475.74, slightly above its opening level of $6,472.36.

Following its lacklustre performance on Tuesday, Bitcoin has seen some positive price action in the early hours of today’s session. Utilising the newly-found momentum, the No. 1 digital currency managed reclaim $6,500, reaching an intraday high of $6,521.99. However, the Bitcoin price has since pulled back to lower levels and is currently hovering around the $6,495 mark, according to data from digital currency tracker Coinmarketcap.

Bitcoin has remained stuck to a relatively tight range around the $6,500 level for the past several weeks. The digital coin had a brief breakout moment at the beginning of last week, but that spike was prompted by a plunge in the price of the dollar-pegged stablecoin Tether (USDT) and trading at levels around $7,000 ultimately proved unsustainable for the time being. Recent positive developments, such as the unveiling of new crypto custody service by Fidelity Investments and the anticipated December launch of Bitcoin futures by the Intercontinental Exchange have so far had a limited impact on the coin’s price.

In today’s trading, Bitcoin price stood at $6,492.52, as of 10:21 BST. The digital coin has gained 0.3% of its value in the past 24 hours.

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