RATE Group | Bitcoin Corrects Above $8K against Weak US Data, Brexit Deal
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Bitcoin Corrects Above $8K against Weak US Data, Brexit Deal

17 Oct Bitcoin Corrects Above $8K against Weak US Data, Brexit Deal

Posted at 13:05h in Bitcoin News by

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Bitcoin was attempting to hold $8,000 as support on Thursday after it slipped briefly below the said level yesterday.

The benchmark cryptocurrency surged by 0.83 percent, or $66.14, to trade at $8,059.68. The move uphill came after a depressive price action on Wednesday that took the bitcoin price below the $8,000 support level. At its intraday lowest, the cryptocurrency was trading at $7,908.86.

bitcoin, brexit,

Bitcoin attempts a weak pullback after dropping below $8,000 on Wednesday | Image credits: TradingView.com

Weak US Economic Data

The bitcoin’s loss and subsequent mild recovery came amidst the release of vital US economic data on Wednesday morning. The retail sales report showed a drop of 0.3 percent, marking the first contraction in months. It raised concerns over the deteriorating health of the US economy, which could prompt the Federal Reserve to announce fresh rate cuts at its next meeting.

The weaker-than-expected economic data pushed the US stocks lower on Wednesday. The benchmark S&P…

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