Bitcoin (BTC) experienced some disappointing trading yesterday, as it spent the entirety of the morning session moving on a downward trajectory. Having opened the session at $10,372.83, the coin fell to as low as $10,087.30 in the early afternoon. While the digital currency was able to pare its losses during the latter stages of the session, it still posted a significant decline for the day. According to data from digital currency tracker Coinmarketcap, BTC closed the session at $10,185.50.
Bitcoin has continued to struggle in today’s morning session, after it failed to recapture the $10,200 level. The coin’s performance has been marred by frequent, albeit minor, price fluctuations, which have kept the BTC price within a tight range below the $10,200 mark. At the time of writing, the Bitcoin price was hovering around the $10,150 level.
Over the past few weeks Bitcoin appears to have been forced into a tighter trading range. In a recent article Bloomberg highlighted an emerging trend of investor confidence growing when the holds above $10,000, but dissipating when the BTC price approaches $12,000. BTC hasn’t been able to close above $12,000 since July 10.
According to a report by industry website Coindesk, some investors and analyst remain bullish, anticipating that the next year BTC mining reward halving would contribute to a price increase. Meanwhile, Jeff Dorman, chief investment officer at Arca, believes that the market is becoming more attractive to large hedge fund managers.
“Most macro hedge funds are contemplating using BTC as a better way to offset the systemic risks that are building globally. There seems to be too much interest and too much money on the sidelines for the market to really go lower in any meaningful way,” Dorman recently told Coindesk.
In today’s trading, the Bitcoin price stood at $10,157.02, as of 11:26 BST. The digital currency’s total market cap currently stands at $181.8 billion.
Featured image: Jaruwan Jaiyangyuen/Shutterstock.com
More Resources