Bitcoin Price Analysis: The Value of Bitcoin (BTC) Against the USD Stays below $8,400

The value of Bitcoin has remained the same since the beginning of the day. At the time of writing, the digital currency is trading at $8,320. During early Asian hours, the value of the digital currency came very close to the $8400 mark, but there was no strong and persistent momentum to further push the value of the coin above that mark.

The Current Value of Bitcoin

The trading value of bitcoin (BTC) has been below the $9000 mark since on the 11th of May, and the digital currency has been struggling to cross that mark since. Irrespective of all the buzz and fuzz about the Consensus 2018 conference with Lambos parked at the conference center in New York City, the value of digital currencies are still struggling.

The Consensus 2018 Conference Failed to Boost Values

The Consensus conference has failed to boost the value of digital currencies, leaving a lot of investors and enthusiasts disappointed. Clearly, the rally in mid-April is over as the number one cryptocurrency in the world is encountering challenges with finding causes for sustainable growth.

Analysts Get Skeptical about the Growth of Bitcoin

After maintaining the support level of $9,000 for a couple of weeks, the digital currency finds itself under this long-held support level. Jani Ziedins of Cracked Markets said there will be a point where the support line of the digital currency will turn into stalling, and that’s what happened here.

He also said that he’s skeptical of bitcoin at its present levels and it needs to get over the $9,000 mark as soon as possible to prove him wrong. Else, nervous selling might return and the value of the digital currency might drop down to $6,000.

The value of bitcoin has been struggling to recover ever since it declined from its all-time high of $20k in December last year, but it has also recovered from its significant lows in the first quarter of this year.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.


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