Bitcoin price (BTC/USD) rallies towards $12,000 on Monday morning
Cryptocurrency

Bitcoin price (BTC/USD) rallies towards $12,000 on Monday morning

Bitcoin price (BTC/USD) rallies towards $12,000 on Monday morning

The Bitcoin price (BTC/USD) has moved closer to the elusive level of $12,000 following some solid weekend trading and positive price action on Monday.

Even though it saw some notable price swings, BTC performed well over the weekend, as it managed to stabilise above the $11,000 mark. Having opened the Saturday session at $10,982.54, the original cryptocurrency rose to as high as $11,620.97 in afternoon trading, but eventually finished the day at $11,208.55.

Bitcoin broke above the $11,000 again on Sunday, as its price hit an intraday high of $11,541.62. While the digital coin was not able to remain at those levels, it managed to finish the day within striking distance of the $11,500 mark. BTC closed the session at $11,450.85, up from its opening level of $11,217.62.

Bitcoin spent the better part of today’s morning session hovering around the level of its Sunday close. However, the situation changed in recent trading, as the coin experienced a sudden uptick that lifted its price closer to the $12,000 level. At the time of writing, the Bitcoin price was hovering around the $11,900 mark, according to data from digital currency tracker Coinmarketcap.

Bitcoin has been trying, to reclaim the $12,000 mark ever since it managed to bounce back from a 11-day low of $9,737.88 on July 2. The coin has so far had little success, as it only managed to briefly top the level on Thursday.

In a recent interview with Bloomberg TV, billionaire investor Mike Novogratz forecast that “we’re going to see the market consolidate between $10,000 and $14,000 for a while before it takes off the next leg higher”.

In today’s trading, the Bitcoin price stood at $11,891.49, as of 11:56 BST. The digital coin has gained 5.5% in the past 24 hours. Its total market cap currently stands at $211.7 billion, which represents 62.8% of the total combined value of all digital currencies.

Featured image: Beautyimage / Shutterstock.com

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