The Bitcoin price (BTC/USD) has managed to rebound from its Tuesday lows and is now once again in a position to test the elusive $12,000 barrier.
The original cryptocurrency suffered a significant downswing yesterday, with its price dropping by some $1,000 in the latter portion of the session. Having surged to a near four-week high of $12,273.82 during the early hours of the session, the digital coin fell sharply in subsequent trading and hit an intraday low of $11,290.73 towards the end of the session. The coin finished the day at $11,478.17, which was well below its opening level of 11,811.55.
Still, following the somewhat positive finish, BTC has managed to continue its rebound in today’s trading session. While the morning session was not particularly impressive, Bitcoin was able to stabilise above the $11,500 mark. The rally accelerated during the afternoon, allowing Bitcoin to come within striking distance of the $12,000 mark. BTC managed to top the level in recent trading, although it has so far failed to have establish a decisive break. At the time of writing, the Bitcoin price was hovering around the $12,020 level, according to data from digital currency tracker Coinmarketcap.
In its most recent technical analysis, industry website Coindesk noted that the digital currency has failed to keep gains above $12,000 in recent week, signalling that its bull run from April lows near $4,100 might have been exhausted. The online publication suggested that a “high-volume” close above $12,000 on Sunday was needed to revive the rally.
“A bullish weekly close may remain elusive if the cryptocurrency finds acceptance below $11,200 in the next day or two. That could pave way for a drop to $10,500,” the website also warned.
In today’s trading, the Bitcoin price stood at $12,027.33, as of 16:04 BST. The digital currency has gained 2.5% in the past 24 hours. Its total market cap currently stands at $214.9 billion, which represents 68.9% of the combined value of all digital coins.
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