Cryptocurrency
Cryptocurrency
Bitcoin price (BTC/USD) edges higher on Friday, but bears still control market
The Bitcoin price (BTC/USD) has slightly improved its position above $10,000 on Friday, but the bears remain in control of the market.
The original cryptocurrency saw some rocky trading on Thursday, as its struggled to defend the $10,000 mark. The digital coin fell sharply during the opening hours of the session, with its price dropping to a one-week low of $9,831.46. While the coin bounced back to retake the $10,000 mark, it experienced more drops below the psychological barrier during the morning session. Then, during the early afternoon session BTC appeared to be gaining some momentum, as it rose to an intraday high of $10,233.00. However, while the coin avoided further drops below the $10,000 mark, it wasn’t able to close the session in the positive territory. BTC finished the session at $10,131.06, down from its opening level of $10,142.52.
Bitcoin has managed to edged higher in today’s session, although its position has remained rather unstable. The coin rose to a high as $10,237.68 earlier today, but has since pulled back to slightly lower levels. At the time of writing, the Bitcoin price was hovering around $10,150 level, according to data from digital currency tracker Coinmarketcap.
Industry website Coindesk noted yesterday that the outlook for the coin would turn bullish only above $10,956. Furthermore, “weekly close above $12,000 is needed to confirm bullish revival”, the online publication said. However, the website also highlighted Bitcoin’s successful defence of the 100-day moving average, which serves as a key support level.
In today’s trading, the Bitcoin price stood at $10,141.10, as of 11:20 BST. The digital currency has gained 1.1% in the past 24 hours, Coinmarketcap data shows. The coin’s total market capitalisation currently stands at $181.4 billion, which represents 68.4% of the combined value of all digital coins.
Featured image: chanchai howharn / Shutterstock.com
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