Bitcoin price (BTC/USD) tops $8,400 on Friday afternoon
Cryptocurrency

Bitcoin price (BTC/USD) tops $8,400 on Friday afternoon

Bitcoin price (BTC/USD) tops $8,400 on Friday afternoon

The Bitcoin price (BTC/USD) has broken above the $8,400 mark thanks to solid performance over the past 24 hours.

The original cryptocurrency enjoyed a successful session yesterday, as it managed to strengthen its position above the $8,000 mark. During the morning portion of the session, the digital coin managed to defend the $8,100 level it had captured on Wednesday. The coin then rallied during the afternoon, with its price rising to a 10-day high of $8,311.57. BTC pulled back in the final hours of the session and eventually finished the day at $8,230.92. Still, this was well above the coin’s opening level of $8,145.55.

Bitcoin has seen a number of minor price swings during today’s session, hovering around the $8,300 mark. The coin broke above that barrier during late morning trading, but its initial advance didn’t have enough momentum and the coin quickly pulled back to sub-$8,300 level. However, the digital coin has picked up in more recent trading and has managed to break above the $8,400 level. At the time of writing, the Bitcoin price was hovering around the $8,425 mark.

Regarding Bitcoin’s advance, industry website Coindesk noted in a technical analysis piece that the rally hadn’t been supported by strong trading volumes. The online publication argued that this was a sign of low investor confidence and could mean that the rally would be a short-lived one. However, if the volumes pick up, the coin could reach $8,500 over the weekend, the website said.

In today’s trading, the Bitcoin price stood at $8,426.08, as of 15:11 BST. The digital coin has gained 3.4% in the past 24 hours, Coinmarketcap data shows. The coin’s total market capitalisation currently stands at $149.6 billion, which represents 56.3% of the combined value of all digital currencies.

Featured image: chanchai howharn / 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.