Cryptocurrency
Cryptocurrency
Bitcoin price (BTC/USD) recovers from Friday drop, but $8,000 remains a challenge
Bitcoin (BTC) saw some strong trading on Sunday, which allowed it to recover most of the losses it had incurred earlier in the week. BTC had suffered a steep drop on Friday, with its price hitting a four-day low of $7,038.12, before finishing the day at $7,343.90. The coin then spent the entirety of the Saturday session trading within the $7,250-$7,450 range and eventually posted a close in the lower end of that range.
Sunday rebound
The opening hours of yesterday’s trading saw Bitcoin regaining its momentum, with its price rising toward the $8,000 mark. The coin kept hovering around $8,000 throughout the session and was able to secure a close above that level thanks to a late uptick. BTC finished the Sunday session at $8,197.69, well above its opening level of $7,267.96.
However, Bitcoin has once again failed to defend the $8,000 mark, falling to as low as $7,923.32 in the opening hours of today’s session. At the time of writing, the Bitcoin price was hovering around the $7,960 mark, according to data from digital currency tracker Coinmarketcap.
Still tough to crack
Bitcoin has struggled to secure a stable position above $8,000 ever since it broke through that barrier on May 13. The aforementioned Friday drop came after BTC had risen to a near 10-month high of $8,320.82 in the previous session.
According to eToro analyst Simon Peters, that plunge “appears to have been caused by a significant sell order placed on the Bitstamp exchange”, during Friday’s early trading.
“Whether this order was a deliberate dump or a fat finger error remains to be seen,” Peters said, as quoted by Forbes.
While the analyst pointed out that the positive market sentiment would likely lead to a swift recovery, he noted that “this drop is a stark reminder that crypto-assets still operate in a nascent market, which is susceptible to significant price moves by whales”.
In today’ trading, the Bitcoin price stood at $7,963.52, as of 08:26 BST. The digital coin has gained 0.4% in the past 24 hours. Its total market capitalisation currently stands at just over $141 billion, which represents 57% of the combined value of all digital currencies.
Featured image: Sensay / Shutterstock.com
More Resources