The Bitcoin price (BTC/USD) has edged lower on Friday morning following a sharp drop that occurred in the opening hours of the session.
The original cryptocurrency experienced a couple of price jumps yesterday, but it struggled to maintain its momentum throughout the session. The digital coin first surged during the opening hours of the session, when its price rose above the $5,300 mark, from its opening level of $5,251.48. This was swiftly followed by a sharp pull-back that erased most of BTC’s early gains during the late morning session. The coin picked up again in the afternoon, surging to a one-week high of $5,319.99. It returned to sub-$5,300 levels in the final hours of the session, finishing the day at $5,298.39.
The coin tumbled further down during the opening hours of today’s session, dropping to as low as $5,233.86. Bitcoin has since managed to stabilise and its price is currently hovering around the $5,270 mark, according to data from digital currency tracker Coinmarketcap. Meanwhile, BTC’s 24-hour trading volume currently stands at $13.3 billion.
In its technical analysis piece for April 18, industry website Coindesk noted that the two-week moving average convergence divergence (MACD) histogram – a closely monitored Bitcoin price indicator – had moved above zero for the first time since early February 2018. This change signals a long-term bullish reversal, according to the website. Coindesk points out that the last positive crossover on the MACD, which occurred in July 2016, was followed by a bull market that lasted some two and a half years.
In today’s trading, the Bitcoin price stood at $5,275.93, as of 11:12 BST. The digital coin has gained 0.15% in the past 24 hours, Coinmarketcap data shows. The coin’s total market caopitalisation currently stands at $93.1 billion, which represents 51.9% of the combined value of all digital currencies.