Bitcoin price (BTC/USD) recovers from Friday drop, but $8,000 remains a challenge
Cryptocurrency

Bitcoin price (BTC/USD) recovers from Friday drop, but $8,000 remains a challenge

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

Add Comment

Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence. This website is free for you to use but we may receive commission from the companies we feature on this site. Click here for more information.