- Bitcoin price declines roughly 1.5% on the day, eases off session high near $55,800
- The digital asset is trading around $54,300
Bitcoin’s Weekly Rise Halts
This week’s rise in the price of Bitcoin resulted in an increase of over 18% to reach an intraday high of $55,770 early on Wednesday. However, the sprint towards higher grounds ran out of buying momentum. Presently, the flagship cryptocurrency is trading around $54,300, a decline of 1.50% on the day.
Yesterday’s break above the $55,000 mark is not yet conquered as sellers took the opportunity today to pressure the price and bring it back below the milestone. At the current market price, Bitcoin is sitting at a valuation of $1tn, while the total market capitalization now stands at just above $2tn.
The price of Bitcoin has been climbing generously, resulting in two straight days of gains. For the past couple of days, Bitcoin advanced around 17% as price spiked from a seven-week low of $47,000 to a five-day high of $55,300 per Bitcoin. Today’s price movement threatens to end the streak of appreciation unless Bitcoin climbs above its opening price of $55,200.
Between a Correction and a Nosedive
This week’s gains in the world’s largest crypto asset come after a weekend of weak performance. Indeed, the heavy selling pressure took Bitcoin’s price to a low of $47,200. Cryptocurrency advocates expect the rally to continue throughout the week. According to them, the weekend sell-off was overdone and the time for correction was due.
Prior to the latest significant drop, Bitcoin has declined three times this year by an average of 24% and a single correction has lasted an average of 11 days. The latest slide, if finished, lasted 13 days.
On the other end, opponents argue that the recent highs in Bitcoin’s valuation were inflated by the public listing of Coinbase, a cryptocurrency exchange, on the stock market. Coinbase’s listing coincided with Bitcoin’s all-time high on April 14.
Less than two weeks after its record high of $64,800, Bitcoin nosedived to its Monday low of $47,000, or a 27% drop. After the recent climb, the price hovers roughly 15% from the peak in mid-April.
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