Bitcoin [BTC] drops below $8,000 as overdue pullback forces market into submission

After trading in the green for over two months and experiencing minimal correction, Bitcoin [BTC] has halted its bullish swing, albeit for the time being. The largest cryptocurrency in the market fell by over 6 percent in two hours as the bears were let loose.

For several days, Bitcoin was sluggish and remained below the $9,000 mark, trading sideways and exhibiting little to no drive for an upward push. After reaching the peak of $8,950, a major sell-off ensued on several exchanges, with the cryptocurrency falling by 3.07 percent in one hour, immediately following the 2.44 percent gain that pushed BTC’s price to the aforementioned price point on 30 May.

The king coin fell to $8,150 the following day, following which BTC rose by  7.97 percent. Bitcoin faced stiff resistance at $8,800 on June 2, post which it dipped relative to the larger market down to $8560. Five consecutive red candlesticks were seen from June 3 20:00 UTC to June 4 01:00 UTC, dropping the price by over $600 or 7.21 percent, and pulling the coin below $8,000 in the process.

With hopes of a $9,000 ascendance and a further five-figure price now firmly shot into oblivion, the market is on a firm road to recovery as the collective market cap is holding above the $250 billion mark. At press time, Bitcoin still held over 55 percent of the coin market, and was valued at over $142 billion. It was trading at $7,965.

Source: Trading View

Hours after reaching $8,900 on 30 May, Bitcoin saw a pullback that dropped the coin’s price down from over $8,650 to $8,200, a 5.15 percent fall in under 3 hours. However, this correction was undone over the next two days, with the coin surging to its resistance level of $8,800 by June 2.

The first signs of this major price crash appeared over the past weekend, when a disastrous sell-order dropped the price of Bitcoin to $100 CAD on Kraken for a brief period. Between 0400 – 0700 on June 3, Bitcoin fell by over 4 percent, with the bearish tendencies likely emanating from the Kraken sell-off. This divergent movement on an exchange touted to be one of only ten exchanges posting “real volume,” caused several in the community to criticize the exchange, some even equating this to “price manipulation.”

BitMEX took the top spot for BTC trading volume in the derivatives trading pair XBT/USD, which accounts for 15.36 percent of the overall volume. Other notable exchanges on the list were Negocie Coin, Coinall, and, according to CoinMarketCap. It should be noted that as per “real volume,” the top spot exchange on the list is Binance on the 9th spot, taking 1.58 percent of total BTC trade in the pair BTC/USDT.

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