Cryptocurrency
Cryptocurrency
Bitcoin price (BTC/USD) remains below $10,000 despite solid gains on Wednesday morning
The Bitcoin price (BTC/USD) has managed to pick up in the past 24 hours, but still remains below the psychological level of $10,000.
The original cryptocurrency enjoyed some positive price action on Tuesday, as its managed to clinch its first close above $9,600 in four days. After spending the morning part of the session hovering around the $9,500 mark, the digital coin saw some solid gains in the afternoon, with its price rising to as high as $9,701.76. BTC pulled back in the final hours of the session, finishing the day at $9,607.42, up from its opening price of $9,522.33.
The coin has continued to move on a mostly upward trajectory since the start of today’s trading. At the time of writing, the Bitcoin price was hovering around the $9,770 mark, which was its highest level in four days.
BTC has also seen an improvement in market activity, even though its daily trading volume remains low compared to its 30-day average, which is well above $20 billion. According to data from digital currency tracker Coinmarketcap, around $14.7 billion worth of BTC coins have changed hands over the past 24 hours, which is well above the $13.8 billion generated on Tuesday.
In technical analysis published on Tuesday, industry website Coindesk noted that short duration charts signalled seller exhaustion. The online publication suggested that the coin might be able to retake the $10,000 mark “in the next 24 hours or so” and pointed to a technical indicator signalling a possible long term bull run.
In today’s trading, the Bitcoin price stood at $9,773.20, as of 12:08 BST. The digital currency has gained 2.6% in the past 24 hours, Coinmarketcap data shows. The coin’s total market capitalisation currently stands at $174.4 billion, which represents 64.6% of the combined value of all digital currencies.
Featured image: chanchai howharn / Shutterstock.com
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