Bitcoin price (BTC/USD) tries to defend $9,500 level after recent slump

Bitcoin price (BTC/USD) tries to defend $9,500 level after recent slump

Bitcoin had to endure some rocky trading on Monday, as its price was experiencing frequent, albeit minor, fluctuations. The digital coin enjoyed a positive start, as its price rose to as high as $9,691.65 during the early Monday trading. However, this remained Bitcoin’s highest price level for the day, as the coin gradually pulled back to sub-$9,500 levels in subsequent trading. BTC made multiple attempts to bounce back in the afternoon, but in the end, it only barely managed to retake the $9,500 level. The coin finished the day at $9,519.15, down from its opening price level of $9,548.18.

Bitcoin has continued to struggle on Tuesday, as its price has mostly been moving within a tight range around the $9,500 mark. BTC fell to as low as $9,441.63 earlier in the morning session, but has managed to recover from the early drop. At the time of writing, the Bitcoin price was hovering around the level of its Monday close, according to data from digital currency tracker Coinmarketcap.

Bitcoin’s struggles intensified on Sunday, when the coin experienced a late drop to an 11-day low of $9,252.30. While the drop was followed by a swift rebound, it managed to strengthen the bearish trend for Bitcoin, according to industry website Coindesk.

In its latest technical analysis, however, Coindesk points out that “Bitcoin’s three-day chart is reporting a golden cross”, a long-term bull market indicator where the 50-candle price average crosses above the 200-candle average. The last such crossover occurred six months ahead of the August 2016 mining reward halving and paved the way for a strong bull run, Coindesk notes.

In today’s trading, the Bitcoin price stood at $9,505.89, as of 11:54 BST. The digital currency’s total market cap currently stands at $169.65 billion, which represents 64.5% of the combined value of all digital currencies.

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