Bitcoin price (BTC/USD) tumbles toward $8,500 on Monday morning

Bitcoin price (BTC/USD) tumbles toward $8,500 on Monday morning

However, Bitcoin has been unable build upon its solid weekend performance so far in today’s session. The coin experienced a significant drop during the early hours of the session, with its price falling to as low as $8,472.69. BTC has subsequently managed to retake the $8,500 mark, but it is still trading well below the level of its Sunday close.

Despite its struggles in late May, last month was very positive for Bitcoin. The digital currency increased it value by over 60%, scoring its fourth consecutive monthly gain.

As Bloomberg reported last week, billionaire investor and cryptocurrency bull Mike Novogratz recently predicted that BTC would consolidate somewhere in the $7,000-$10,000 range. However, he didn’t dismiss completely the possibility of BTC going even higher.

“If I’m wrong on that, I think I’m wrong to the upside, that there’s enough excitement and momentum that it could carry through,” Novogratz, who is chief executive officer of Galaxy Digital Holdings, said on a conference call on Thursday.

In today’s trading, the Bitcoin price stood at $8,516.05, as of 11:19 BST. The digital coin has lost 2.5% of its value, Coinmarketcap data shows. The coin’s total market capitalisation currently stands at just over $151 billion, which represents 55.8% of the combined value of all digital coins.

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