RATE Group | Bitcoin (BTC) Update: Price Unable to Stay Above $7,000 Amidst News of Tightening EU Reg…
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Bitcoin (BTC) Update: Price Unable to Stay Above $7,000 Amidst News of Tightening EU Reg…

30 Aug Bitcoin (BTC) Update: Price Unable to Stay Above $7,000 Amidst News of Tightening EU Reg…

Posted at 13:15h in Bitcoin News by

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The Bitcoin price rally of the previous few days has experienced a slight blip on Thursday. The prices of many cryptocurrencies also declined significantly, causing the total market capitalization to go down by almost $3 billion.

Bitcoin Slips Below $7,000

When Bitcoin broke above $7,000, many experts identified $7,100 as a likely psychological barrier for the top-ranked cryptocurrency. Any significant bull run would mean BTC maintaining a price level above that mark due to the bearish nature of the Daily and Hourly Stochastic Relative Strength Index (RSI).

The emerging consensus at the moment is that BTC could be in for another pullback that could see its price fall between $6,500 and $6,700. With the current mining price estimated at $6,000 the possibility of BTC price falling below that level is remote at best. Many analysts have long declared that a BTC price drop below mining cost is possible only under extreme price manipulation.

As at press time, Bitcoin is down by almost 2.5…

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