Litecoin News

Bitcoin Prices Steady After Plunging to Near $8,000 Level

© Reuters.
© Reuters.

Investing.com – prices steadied on Thursday in Asia after plunging to near the $8,000 level in the previous session.

last traded at $8,401.8 by 1:28 AM ET (05:28 GMT), down 0.7%. slipped 0.2% to $168.07, while gained 2% to $0.24320.

inched up 0.1% to $56.646.

lost about 20% this week. The lackluster launch of the highly anticipated Bitcoin futures and a general risk-off mood were cited as possible catalyst for the slump.

Some analysts are now saying the bull market for cryptocurrency is over.

“ have NEVER dropped below the lower Bollinger Band on a bull market so far. Now it is at ~7700$. So, either ~8k is a bottom, or this is not a bull market anymore,” trader and analyst “Crypto Hamster” said on Twitter.

Meanwhile, analyst Josh Rager pointed out that the selling pressure on cryptocurrency is strong.

“Have seen more selling pressure after the breakdown of – people realize this isn’t likely to be a quick “v” reversal. I expect some alts to see new lows for this year against Bitcoin. Can lose 20%+ more as Bitcoin likely hits $7ks again,” he said.

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Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source: investing.com
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