The crypto markets are currently expressing some levels of stability after experiencing significant selling pressure yesterday that put Bitcoin’s foothold in the $8,000 region in jeopardy. It now appears that BTC does have some levels of buying support in the upper-$7,000 region, although it is unclear if this will be enough to support the price long-term.
Although many analysts have been advocating that traders and investors buy each dip while Bitcoin is in a firm uptrend, this dip may be different, as multiple analysts are now explaining that they do not believe traders should buy in just yet.
Bitcoin Tumbles Below $8,000 as Selling Pressure Ramps Up
At the time of writing, Bitcoin is trading down nearly 6% at its current price of $8,000 and is up slightly from its recent lows of $7,900, which were set late yesterday.