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 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.

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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About the Author

Josiah Wilmoth

Josiah is the former U.S. Editor at CCN.com, where he focused on financial markets. He lives in rural Virginia. Connect with him on LinkedIn or email him directly at josiah.wilmoth(at)www.ccn.com.

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