Bitcoin Retains Bull Bias Despite Price Drop to Below $8K

Bitcoin's (BTC) dip under $8,000 yesterday may have tempered the positive state of mind in the market, yet the more extensive viewpoint still stays bullish, specialized outlines demonstrate.

The medium-term drop in cost came not long after the Securities and Exchange Commission's (SEC) second dismissal of the Winklevoss siblings' application for a bitcoin ETF.

While the choice may have soured the estimation in the market, the value pullback was likewise likely an element of overbought conditions. Prominently, the brief span value graph had cautioned of a plunge beneath $8,000 yesterday.

At squeeze time, the world's biggest digital currency by showcase capitalization is exchanging at $7,990 on Bitfinex, having timed a three-day low of $7,848 prior today.

It is important that BTC is still up 40 percent from the June 24 low of $5,755, in spite of the pullback from the two-month highs above $8,500. Subsequently, it is protected to state the positively trending market is flawless.