Bitcoin price (BTC/USD) hovers below $12,000 on Thursday morning

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The Bitcoin price (BTC/USD) remains within striking distance of the $12,000 mark after overcoming a couple of drops over the past 24 hours.

The original cryptocurrency enjoyed some strong trading on Wednesday, as it managed to recover from the steep drop it had suffered in late Tuesday trading. The rebound allowed BTC to top the $12,000 mark in the early afternoon, although the coin remained well below its Tuesday high of $12,273.82. However, Bitcoin’s Wednesday spell above $12,000 was brief, only lasting a couple of hours. After hitting an intraday high of $12,036.99, the coin tumbled toward the $11,500 level. BTC eventually managed to stabilise and finished the day in the positive territory. The coin closed the session at $11,941.97, well above its opening level of $11,476.19.

Quiet Thursday morning

While Bitcoin has seen some ups and downs since the start of today’s trading, the coin has been relatively quiet so far in the session. The coin rose to as high as $11,976 in early trading, but more recently dropped to around $11,780. At the time of writing, the Bitcoin price was hovering around the $11,900 mark, according to data from digital currency tracker Coinmarketcap.

Bitcoin has in recent weeks struggled to secure a decisive break above the $12,000 mark, which, according to industry website Coindesk, suggests that the coin’s bull run has run out of steam. The online publication said that the coin would need a “high-volume” weekly close above $12,000 to revive its rally.

In today’s trading, the Bitcoin price stood at $11,909.79, as of 10:19 BST. The digital currency has gained 2.8% in the past 24 hours, Coinmarketcap data shows. The coin’s total market capitalisation currently stands at $212.76 billion, which represents 68.9% of the combined value of all digital currencies.

Featured image: Igor Batrakov / Shutterstock.com

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