Bitcoin price (BTC/USD) tumbles toward $8,500 on Monday morning
The Bitcoin price (BTC/USD) has edged lower on Monday, failing to maintain the positive momentum it had gained in the previous session.
The original cryptocurrency enjoyed some solid trading over the weekend, which helped it recover from the big price slump, which it had experienced in late Thursday and early Friday trading. Having opened at $8,573.84 on Saturday, the digital coin rose to as high as $8,625.60, but ultimately failed to defend its modest gains. BTC finished the day at $8,564.02, according to data from digital currency tracker Coinmarketcap.
Bitcoin had more success on Sunday, especially during the early afternoon trading, when its price leaped over the $8,800 barrier. The coin hit a three-day high of $8,809.30, before pulling back to a close of $8,742.96. Still, this was well above the coin’s opening level of $8,565.47.
However, Bitcoin has been unable build upon its solid weekend performance so far in today’s session. The coin experienced a significant drop during the early hours of the session, with its price falling to as low as $8,472.69. BTC has subsequently managed to retake the $8,500 mark, but it is still trading well below the level of its Sunday close.
Despite its struggles in late May, last month was very positive for Bitcoin. The digital currency increased it value by over 60%, scoring its fourth consecutive monthly gain.
As Bloomberg reported last week, billionaire investor and cryptocurrency bull Mike Novogratz recently predicted that BTC would consolidate somewhere in the $7,000-$10,000 range. However, he didn’t dismiss completely the possibility of BTC going even higher.
“If I’m wrong on that, I think I’m wrong to the upside, that there’s enough excitement and momentum that it could carry through,” Novogratz, who is chief executive officer of Galaxy Digital Holdings, said on a conference call on Thursday.
In today’s trading, the Bitcoin price stood at $8,516.05, as of 11:19 BST. The digital coin has lost 2.5% of its value, Coinmarketcap data shows. The coin’s total market capitalisation currently stands at just over $151 billion, which represents 55.8% of the combined value of all digital coins.
Featured image: Visual Generation / Shutterstock.com