The Bitcoin price (BTC/USD) has edged higher after overcoming a slow start t today’s trading session.
The original cryptocurrency enjoyed some strong weekend trading, as it managed to top the $5,350 mark during both the Saturday and Sunday sessions. The early hours of yesterday’s session were particularly successful for the coin. During that period, the Bitcoin price rose t as high as $5,359.93, notching up its highest level since April 10. However, in late morning trading, Bitcoin experienced a significant pull-back that sent its price to sub-$5,300 level. The coin saw more price swings in the afternoon, before eventually finishing the session at $5,314.53. This was below the coin’s opening level of $5,335.88.
Bitcoin had a slow start to today’s trading, falling to around $5,280 during the opening hours of the session. The coin has managed to stabilise its performance in subsequent trading, which allowed it to reclaim the $5,300 mark. The coin’s advance has accelerated in the early afternoon and the BTC price is currently hovering around $5,335. Meanwhile, Bitcoin’s 24-hour trading volume currently stands at $13.6 billion, which is roughly in line with the coin’s Sunday daily trading volume.
In a technical analysis piece published earlier today, industry website Coindesk noted that Bitcoin’s 14-week relative strength index (RSI), an important indicator used to identify oversold or overbought conditions, has returned to bull territory above the 53.00–55.00 resistance range. According to the website, this confirms a longer term bullish reversal trend first observed in early April and may have set BTC on the path toward the key level of $6,000.
In today’ trading, the Bitcoin price stood at $5,334.18, as of 12:49 BST. The digital coin has gained just over 1% in the past 24 hours. It’s total market capitalisation currently stands at $94.2 billion, which represents 52.6% of the combined value of all digital currencies.