While the Bitcoin price (BTC/USD) has been successful in its defence of the $3,900 mark over the past 24 hours, it hasn’t been able to challenge the key $4,000 barrier.
The original cryptocurrency had a quiet, but largely positive session on Thursday, as it managed to defend the gains it had amassed earlier in the week. The coin experienced one dip below the $3,900 in the morning session, when its price fell to an intraday low of $3,894.11. However, this was just a blip in an otherwise stable session for BTC. The digital coin eventually ended the session at $3,911.48, slightly above its opening price of $3,903.38.
Bitcoin’s performance has been largely stable on Friday, with its price hovering above the $3,900 mark. The coin experienced a slight uptick in early trading, which led to it hitting a 12-day high of $3,947.54. However, the coin has since then pulled back to slightly lower levels and is currently trading at around $3,920.
The coin still enjoys strong market activity, although its trading volumes have declined slightly compared to Tuesday’s $10.1 billion. The coin’s daily trading volume yesterday reached $9.5 billion, up from the $9.1 billion generated on Wednesday. Meanwhile, recent market data shows that nearly $9.8 billion worth of BTC coins have been traded over the past 24 hours.
Despite its recent rally, Bitcoin has so far been unable to break above the $4,000 mark. In its March 7 technical analysis, industry website Coindesk argued that Bitcoin’s resurgence was still in the nascent stage and it could become more pronounced if prices clear the resistance levels at $4,190, $4,236 and $4,388. A decisive move above those levels could pave the way for a break above $5,000, according to the publication.
In today’s trading, the Bitcoin price stood at $3,917.29, as of 09:58 GMT. The digital coin has gained 0.4% in the past 24 hours, according to data from digital currency tracker Coinmarketcap. The coin’s total market capitalisation currently stands at $68.8 billion, which represents 51,7% of the combined value of all digital currencies.