The bitcoin price sank below $8,000 on Thursday for the for the first time since mid-April, further erasing the progress that the flagship cryptocurrency had made over the previous month.
Bitcoin had traded near $8,300 for the majority of the day, but this support level began to falter heading into the early evening.
At approximately 20:42 ET, the bitcoin price dipped below the $8,000 mark on Bitfinex, ultimately extending as far down as $7,925 at 20:55. Bitcoin then made a brief recovery above $8,000, but the bears ultimately forced it back into sub-$8,000 territory shortly before 22:00 ET. Currently, bitcoin is valued at $7,991 on the exchange, representing a 24-hour decline of more than 4.5 percent.
Thursday marked the first time that bitcoin had traded below $8,000 since April 18, shortly after the market began a rally that ultimately carried bitcoin to $9,990 — but failed to push it past the psychologically-important $10,000 threshold.
Notably, the pullback came during the high-profile “Blockchain Week,” which Wall Street strategy firm Fundstrat had predicted would inject a bullish sentiment in the market.