Market Wrap: Bitcoin Still Stuck in a Rut, Trading Below $10K

Market Wrap: Bitcoin Still Stuck in a Rut, Trading Below $10K

(Timo Saarenketo/Creative Commons)

After the in history, bitcoin ended its fifth week of bouncing around the $9,000s price range.

(BTC) was trading around $9,180 as of 20:00 UTC (4 p.m. ET), slipping almost 1% over the previous 24 hours.

At 00:00 UTC on Friday (8:00 p.m. Thursday ET), bitcoin was changing hands around $9,300 on spot exchanges such as Bitstamp. After putting in the Friday high of $9,291, bitcoin failed to rally from Thursday’s sell-off to $8,990 from $9,650 and continued to trade hands between $9,000 and $9,200.

Trading volume on Thursday was only slightly lower than Wednesday, the two largest trading days for Coinbase spot bitcoin volume at $126 million and $124 million respectively. For Friday, volume on Coinbase is at $84 million, according to .

Friday’s slight drop in volume is unsurprising given its price action since early Thursday. In addition to the large bitcoin options expiry, Thursday is statistically the most volatile weekday with the largest trading volume, according to research by cryptocurrency data firm . Friday volume and volatility generally tapers off, leading into a quiet weekend for the crypto market.

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