Bitcoin (BTC) suffered heavy losses yesterday, as its price dropped below the $8,000 mark for the first time since May 26. Having opened the session at $8,210.99 the digital coin fell to around $7,950 during the opening hours of the session. The coin then spent much of the rest of the session trying to reclaim the $8,000 level, but none of its brief spells above that mark resulted in a convincing rebound. Instead, in the latter stages of the session, the digital coin plunged again, falling to a 12-day low of $7,564.49. The coin eventually finished the session at $7,077.77, according to data from digital currency tracker Coinmarketcap.
BTC saw some positive price action during the early hours of today’s session, which allowed it to briefly retake the $7,900 level. The coin has since pulled back to lower levels and is currently hovering around the $7,820 mark.
Bitcoin’s decline has been felt across the wider digital currency market, with most major digital coins having posted big losses over the past couple of sessions. However, according to some experts, the pull-back is not unexpected.
“The market has moved a lot in recent weeks so this is just a retracement,” Charles Hayter, co-founder and chief executive officer of CryptoCompare, said, as quoted by Forbes.
This sentiment was echoed by Tim Enneking, managing director of Digital Capital Management.
“The entire crypto trading community has been waiting for a pullback for some time now,” Enneking said. “Most people, including us, are looking for a 25-30% pullback from the high (of about $9,100). So far, we’ve gotten about half that.”
In today’s trading, the Bitcoin price stood at $7,822.60, as of 10:28 BST. The digital coin has lost 1.8% of its value in the past 24 hours, Coinmarketcap data shows. The coin’s total market cap currently stands at $138.8 billion, which represents 55.6% of the combined value of all digital currencies.
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