Posted in: Archive
Published:
June 25, 2018 2:10 PM UTC

Newsflash: Bitcoin Price Gravitates Back Toward $6,000 as Recovery Stalls

The bitcoin price took a sharp turn back toward the $6,000 mark on Monday, reversing what had been a significant early-day rally for the flagship cryptocurrency. Earlier this morning, the bitcoin price had recovered back as high as $6,245 on Bitfinex after descending as low…

The bitcoin price took a sharp turn back toward the $6,000 mark on Monday, reversing what had been a significant early-day rally for the flagship cryptocurrency.

Earlier this morning, the bitcoin price had recovered back as high as $6,245 on Bitfinex after descending as low as $5,755 on Sunday. That mark had represented a year-to-date low for BTC, and it led many to question how far the bitcoin price could sink before the bull rally — a recovery that analysts have been predicting for months — finally materializes.

BTC Price Chart

However, after recovering nearly $500 from its weekend low bitcoin proved unable to sustain its momentum, and the coin’s price made a sharp turn downwards shortly after 12:00 UTC. The cryptocurrency ultimately declined as far as $6,068, but — at least so far — it has managed to successfully defend the $6,000 level.

At the time of writing, BTC was trading at $6,125, which translates into a circulating market cap of just under $105 billion. The overall cryptocurrency market, meanwhile, has an estimated valuation of $251 billion.

Click here for a real-time bitcoin price chart.

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Last modified: January 24, 2020 11:06 PM UTC

Josiah Wilmoth @Y3llowb1ackbird

Josiah is the US Editor at CCN.com, where he focuses on financial markets. He has written over 2,000 articles since joining CCN.com in 2014. His work has also been featured on ZeroHedge, Yahoo Finance, and Investing.com. He lives in rural Virginia. Email him directly at josiah.wilmoth(at)ccn.com.

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