Home > News > Bitcoin recovers from morning slump to retake $8,700 on Wednesday

Bitcoin recovers from morning slump to retake $8,700 on Wednesday

Benson Toti

Bitcoin (BTC) has managed to retake the $8,700 price level after overcoming a poor start to today’s trading.

The original cryptocurrency incurred some losses yesterday, as it failed to maintain its positive momentum after setting a fresh 2019 high of $8,907.17 on Monday. Having started the Tuesday session at $8,802.76, the coin fell to as low as $8,634.72 in the early afternoon session. BTC managed to pare some of these losses in late Tuesday trading and eventually finished the day at $8,719.96.

The digital coin suffered another big drop during the opening hours of today’s trading, when its price fell to a three-day low of $8,487.87. However, Bitcoin managed to overcome the early struggles and launched a strong rally towards the $8,700 mark. As a result, the coin rose to as high as $8,749.75, before pulling back to slightly lower levels. At the time of writing, the Bitcoin price is hovering around the $8,710 mark, according to data from digital currency tracker Coinmarketcap.

This month has so far been very successful for BTC, as well as the wider digital currency market. The No. 1 digital currency started the month below the $6,000 level, which had served as a key support prior to the big crypto slump on November 14. Since May 1, the coin has gained nearly 63% and appears to be poised to post its fourth monthly gain in a row. This will be BTC’s longest monthly winning streak since August 2017, according to industry website Coindesk.

In today’s trading, the Bitcoin price stood at $8,711.77, as of 16:49 BST. The digital coin has gained 0.4% in the past 24 hours, Coinmarketcap data shows. The coin’s total market capitalisation currently stands at nearly 154.5 billion, which represents 55.9% of the total value of all digital currencies.

For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.

Featured image: Visual Generation / Shutterstock.com

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