Bitcoin Prices Steady After Plunging to Near $8,000 Level By

© Reuters. – Bitcoin prices steadied on Thursday in Asia after plunging to near the $8,000 level in the previous session.

Bitcoin last traded at $8,401.8 by 1:28 AM ET (05:28 GMT), down 0.7%. Ethereum slipped 0.2% to $168.07, while XRP gained 2% to $0.24320.

Litecoin inched up 0.1% to $56.646.

Bitcoin lost about 20% this week. The lackluster launch of the highly-anticipated Bitcoin futures and a general risk-off mood were cited as possible catalyst for the slump.

Some analysts are now saying the bull market for cryptocurrency is over.

“Bitcoin have NEVER dropped below the lower Bollinger Band on a bull market so far. Now it is at ~7700$. So, either ~8k is a bottom, or this is not a bull market anymore,” trader and analyst “Crypto Hamster” said on Twitter.

Meanwhile, analyst Josh Rager pointed out that the selling pressure on cryptocurrency is strong.

“Have seen more selling pressure after the breakdown of Bitcoin – people realize this isn’t likely to be a quick “v” reversal. I expect some alts to see new lows for this year against Bitcoin. Can lose 20%+ more as Bitcoin likely hits $7ks again,” he said.

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