Bitcoin price (BTC/USD) recovers from Friday drop, but $8,000 remains a challenge
However, Bitcoin has once again failed to defend the $8,000 mark, falling to as low as $7,923.32 in the opening hours of today’s session. At the time of writing, the Bitcoin price was hovering around the $7,960 mark, according to data from digital currency tracker Coinmarketcap.
Bitcoin has struggled to secure a stable position above $8,000 ever since it broke through that barrier on May 13. The aforementioned Friday drop came after BTC had risen to a near 10-month high of $8,320.82 in the previous session.
According to eToro analyst Simon Peters, that plunge “appears to have been caused by a significant sell order placed on the Bitstamp exchange”, during Friday’s early trading.
“Whether this order was a deliberate dump or a fat finger error remains to be seen,” Peters said, as quoted by Forbes.
While the analyst pointed out that the positive market sentiment would likely lead to a swift recovery, he noted that “this drop is a stark reminder that crypto-assets still operate in a nascent market, which is susceptible to significant price moves by whales”.
In today’ trading, the Bitcoin price stood at $7,963.52, as of 08:26 BST. The digital coin has gained 0.4% in the past 24 hours. Its total market capitalisation currently stands at just over $141 billion, which represents 57% of the combined value of all digital currencies.
Featured image: Sensay / Shutterstock.com
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