RATE Group | Bitcoin Price Falls to $8,000 as Bulls Fail to Step in
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Bitcoin Price Falls to $8,000 as Bulls Fail to Step in

18 Nov Bitcoin Price Falls to $8,000 as Bulls Fail to Step in

Posted at 18:51h in Bitcoin News by

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Sorry bulls, the Bitcoin (BTC) ball is in the court of bears yet again. As of the time of writing this article, the leading cryptocurrency’s price has just tumbled to just above $8,000, nearly tapping this key price point in a 5% drop lower. Buyers have started to step in, albeit only marginally, pushing BTC back up to $8,100.

Related Reading: How the Unbanking of Former PayPal CFO by BoA Shows Bitcoin’s Merit

Bitcoin Ready for More Pain as Price Taps $8,000

Late last month, the price of Bitcoin literally surged by 42% in a 24-hour period, rallying from $7,200 to $10,500 in a surprise turn of events. While this move was undoubtedly bullish, this move hasn’t done much to stop the bleeding of the cryptocurrency market, which has been taking place for months now. Case in point, the low-$8,000s have been revisited yet again.

And analysts say this is bad for the short-term future of the cryptocurrency market.

Trader Byzantine General notes that this move is painful, as it pushes BTC…

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