Bitcoin Struggles To Stay Above $8,000

&l;p&g;&l;img class=&q;dam-image getty size-large wp-image-959188962&q; src=&q;×0.jpg?fit=scale&q; data-height=&q;645&q; data-width=&q;960&q;&g; Bitcoin prices have been fighting to stay above $8,000. (Photo by Chesnot/Getty Images)

Bitcoin prices have been encountering some&a;nbsp;turbulence lately, repeatedly falling below $8,000 in the last 24 hours and reaching their lowest level since mid-April.

The price of Bitcon fell to as little as&a;nbsp;$7,931.43 this morning on the CoinDesk &l;a href=&q;; target=&q;_blank&q;&g;Bitcoin Price Index&l;/a&g; (BPI).

This represented the digital currency&s;s&a;nbsp;lowest value since April 18, additional BPI figures show.


&l;strong&g;Bitcoin Builds Support&l;/strong&g;

While the world&s;s largest digital currency has&a;nbsp;dropped below $8,000 many times lately, it has always bounced back.

This resilience illustrates that Bitcoin has built up significant support near that price level, said analysts.

There is &q;&l;span style=&q;font-weight: 400&q;&g;lots of support at those levels,&q; said&a;nbsp;&l;span&g;Iqbal Gandham, U.K. managing director&a;nbsp;for social trading platform&a;nbsp;&l;/span&g;&l;a href=&q;; target=&q;_blank&q; rel=&q;nofollow noopener noreferrer&q; target=&q;_blank&q;&g;eToro&l;/a&g;.&a;nbsp;&l;/span&g;

&l;span&g;Charles Hayter, co-founder and CEO of digital currency data platform&a;nbsp;&l;/span&g;&l;a href=&q;; target=&q;_blank&q; rel=&q;nofollow noopener noreferrer&q; target=&q;_blank&q;&g;CryptoCompare&l;/a&g;, offered similar input, stating that&a;nbsp;&l;span&g;Bitcoin has built up&a;nbsp;good&a;nbsp;&l;/span&g;&l;span&g;support at $8,000.&a;nbsp;&l;/span&g;

One analyst offered a more conservative point of view.

&l;span&g;Mati Greenspan,&a;nbsp;&l;/span&g;&l;span&g;senior market analyst for &l;/span&g;eToro, provided the digital currency&s;s long-term trendline, illustrating where Bitcoin is building support.

&l;img class=&q;size-large wp-image-1567&q; src=&q;×586.jpg?width=960&q; alt=&q;&q; data-height=&q;586&q; data-width=&q;1200&q;&g; eToro technical analysis provided in Mati Greenspan&s;s daily newsletter.

After performing this technical analysis, he concluded that Bitcoin&s;s strongest support is around the $7,100 level.

&l;span style=&q;font-weight: 400&q;&g;&l;strong&g;&s;Any Price Level Can Be Broken&s;&l;/strong&g;

&l;/span&g;In spite of this analyst consensus that the digital currency has been building up strength&a;nbsp;&l;span&g;at the aforementioned price levels, one market observer seemed more skeptical.&a;nbsp;&l;/span&g;

&l;span style=&q;font-weight: 400&q;&g;&q;There might be some support at $8000 but any price level can be broken,&q; said&a;nbsp;&l;span&g;cryptocurrency&a;nbsp;&l;/span&g;&l;span&g;investor Marius Rupsys.&a;nbsp;&l;/span&g;&l;/span&g;

As a result, he&a;nbsp;&l;span&g;advocated a cautious approach.&a;nbsp;&l;/span&g;

&q;I&l;span style=&q;font-weight: 400&q;&g;&a;nbsp;would sit on sidelines to see where price goes next,&q; said Rupsys.&a;nbsp;&l;/span&g;

&l;em&g;Disclosure: I own some Bitcoin, Bitcoin Cash and Ether.&l;/em&g;&l;/p&g;

Leave a Reply

Your email address will not be published. Required fields are marked *