Bitcoin Price Analysis: BTC/USD drops below $8,000।। Post By ~ GPA (Steemlog#59)
Bitcoin broke below crucial $8,000, trading at $7,989 at the time of writing. The coin came close to $7,927 during early Asian hours, but the momentum was not strong enough to push it lower. bitcoin had traded near $8,300 for the majority of the day, but this support level began to falter heading into the early evening.
Investors were expecting that Consensus conference would bring some excitement to the crypto market and push the prices higher, but their hopes did not come true.
Thursday marked the first time that bitcoin had traded below $8,000 since April 18, shortly after the market began a rally that ultimately carried bitcoin to $9,990 — but failed to push it past the psychologically-important $10,000 threshold.
Notably, the pullback came during the high-profile “Blockchain Week,” which Wall Street strategy firm Fundstrat had predicted would inject a bullish sentiment in the market.
