Bitcoin price analysis: BTC/USD dangerously close to $8,000, but HODLers never give up
- BTC/USD resumed the downside on Wednesday with 6% drop.
- Crypto industry ignores Consensus and keeps selling coins.
Bitcoin has lost nearly 6% over the recent 24 hours, crashing from $8824 on Tuesday to a low of $8,103 early on Wednesday. Currently, the coin No. 1 is trading at $8,124, but the bullish momentum is gaining traction. Bitcoin is still by far the biggest coin out there with the market cap $139.6B, but its market dominance has shrunk significantly from over 85% in February to just 37%.
Technically, BTC/USD a sustainable movement below 38.2% Fibo retracement at $8,425, caused the extended sell-off and increased the bearish pressure on the prices. The market is driven by speculative sentiments and technical factors as there is no fundamental news that might have triggered the sell-off.
Much touted Consensus conference in New York has failed to instigate bullish trend so far, though some die-hard HODLers do not lose hope.
"One of the largest catalysts of this year in #crypto will be #Consensus2018. We're all getting one last chance to get in on the dip before the top blows off. Don't miss it," - a Twitter user writes.
Such posts are not uncommon in the cryptocurrency community, though it remains to be seen whether the optimism is justified.
BTC/USD, the daily chart
Author
Tanya Abrosimova
Independent Analyst
