Bitcoin Hovers Below $8,000 as Traders Await Further Catalysts

Investing.com — Bitcoin was roughly flat on Tuesday, hovering just below $8,000 amid a lack of news to significantly move to the popular crypto up or down.

fell 0.26% to $7,893.8 as it continued to be thwarted by the $8,000 handle after mounting a test earlier in the session. But that did little to spur further downside bets on the popular crypto as it remained in consolidation mode, trading within a nearly-$300 intraday trading range.

The subdued action in bitcoin comes as some continue to suggest it as a potential hedge on traditional investments like stocks.

“There are multiple drivers behind the recent resurgence. There are geopolitical, technological and regulatory drivers,” said bitcoin analyst Oliver Isaacs. “The net effect of the trade war between the U.S. and China has led to the sudden interest in bitcoin as a hedge on investments.”

Others, meanwhile, point to signs of increasing institutional interest in the cryptos as the next catalyst for a move higher in bitcoin.

“(T)he Facebook (NASDAQ:) event will be the catalyst for the bitcoin price to move higher,” said Naeem Aslam, chief market analyst at ThinkMarkets, who has predicted that bitcoin will rise above $10,000 by the end of the month.

Bitcoin’s directionless day, drew a mixed reaction in other cryptos. fell 0.98% to $0.39175, edged 0.21% higher to $243.09 and surged 6.75% to $135.95.

The total crypto market cap, often use to gauge demand, was unchanged from a day earlier at about $253 billion, roughly equivalent to the market caps of Cisco Systems (NASDAQ:) or Walt Disney (NYSE:).

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