Newsflash: Bitcoin Price Drops Below $8,000 as Bears Twist the Knife

The bitcoin price sank below $8,000 on Thursday for the for the first time since mid-April, further erasing the progress that the flagship cryptocurrency had made over the previous month.

Bitcoin had traded near $8,300 for the majority of the day, but this support level began to falter heading into the early evening.

At approximately 20:42 ET, the bitcoin price dipped below the $8,000 mark on Bitfinex, ultimately extending as far down as $7,925 at 20:55. Bitcoin then made a brief recovery above $8,000, but the bears ultimately forced it back into sub-$8,000 territory shortly before 22:00 ET. Currently, bitcoin is valued at $7,991 on the exchange, representing a 24-hour decline of more than 4.5 percent.

bitcoin price
BTC Price Chart

Thursday marked the first time that bitcoin had traded below $8,000 since April 18, shortly after the market began a rally that ultimately carried bitcoin to $9,990 -- but failed to push it past the psychologically-important $10,000 threshold.

Notably, the pullback came during the high-profile "Blockchain Week," which Wall Street strategy firm Fundstrat had predicted would inject a bullish sentiment in the market.

Click here for a real-time bitcoin price chart.

Featured Image from Shutterstock

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About the author

Josiah Wilmoth
Josiah Wilmoth

Josiah is the US Editor at CCN, where he focuses on financial markets and cryptocurrencies. He has written over 2,000 articles since joining CCN in 2014. His work has also been featured on ZeroHedge, Yahoo Finance, and Investing.com. He holds bitcoin, but does not engage in day trading. He lives in rural Virginia. Follow him on Twitter @y3llowb1ackbird or email him directly at josiah.wilmoth(at)ccn.com.

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