Bitcoin price (BTC/USD) pulls back following early Thursday break above $9,300

Bitcoin price (BTC/USD) pulls back following early Thursday break above $9,300

The Bitcoin price (BTC/USD) has edged lower on Thursday, despite receiving an early boost that saw the No. 1 digital coin rising above the $9,300 mark.

The original cryptocurrency had a mostly lacklustre session on Wednesday, but it did see a big uptick in late trading that allowed it to move closer to its recent highs. Having traded around $9,100 for the better part of the session, the coin rose to as high as $9,299.62 during the final hours of the day. BTC finished the session at $9,273.52, well above its opening level of $9,078.73.

Bitcoin made an attempt to extend its gains during the early hours of today’s trading, when its price rose to as high as $9,334.37. The coin has pulled back in subsequent trading, returning to sub-$9,300 levels. At the time of writing, the digital currency was hovering around the $9,240 mark, according to data from digital currency tracker Coinmarketcap.

Bitcoin has seen a lot of positive price action over the past few days, which has allowed the coin to have a longer spell above the important price level of $9,000. On Monday, BTC hit a fresh 2019 high of $9,416.41. This happened a day before Facebook announced its cryptocurrency project Libra.

Some observers view Facebook’s move into crypto as a very positive news for the industry. Among them is Tom Lee, head of research at Fundstrat Global Advisors, who told CNBC earlier this week that the “Facebook announcement is a complete validation that mainstream is now focused on cryptocurrencies”. He also believes that “bitcoin is easily going to take out its all-time highs”.

In today’s trading, the Bitcoin price stood at $9,242.14, as of 09:4 BST. The digital coin has gained 0.9% in the past 24 hours. The coin’s total market capitalisation currently stands at $164.2 billion, which represents 57.2% of the combined value of all digital coins.

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