- Bitcoin price is flirting with February lows; price will go higher if selling pressure goes down.
- The drop is attributed to the latest US congressional hearing that took place On Wednesday.
The cryptocurrency market is in muddles on Thursday evident by bitcoin fading its value by more than 15% in 24 hours. The cryptocurrency market is playing catchup reaction after Google announced the ban of all cryptocurrency related ads read more here. Bitcoin is trading in lock-step today, however, it has made a considerable recovery is back to trading above $8,000.
The drop is also attributed Yesterday’s US congressional hearing. The US government officials and other representatives expressed their dissatisfaction with the state of cryptocurrencies. They called for the regulatory authorities to move swiftly and take measures to protect the investors’ funds.
Currently, BTC/USD is flirting with $8,200 and seems to be shaping up for a susbatial price recovery on the upside. The downside momentum was initiated at $9,312 followed by a sharp decent that found short-term support at around $8,700. The support could not hold for long, and the cryptocurrency dropped further breaking below the $8,000 level. Bitcoin price is now recovering after reporting February lows. The price could correct even higher if the selling pressure goes down and the bulls gain control of the market again.
BTC/USD hourly price chart
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