Bitcoin Remains Stagnant at $8,000 as US-Iran Tensions Decline

There is a time when Bitcoin gained momentum hit and surpassed the $8.3k cap, however, when the situation started to calm down, the cryptocurrency broke below $8k overnight, and now, market experts have started to note that the coin could be in for a considerably bottomless pull back, and further stated that this could put it use in great jeopardy.

BTC/USD Price Analysis

At press time, Bitcoin is changing hands at around $8,100 which is an almost 5% drop considering its notable 7-day high of $8.4k that happened on Wednesday January 8. The current market cap is standing at $146.3 billion and the trading volume is at $28.9 bln. The entire market capitalization is at $214.4 billion, and overall volume at $94.5 bln, according to coinmarketcap data. Bitcoin is not willing to stop dominating the entire cryptocurrency market, that is why its dominance is above 68%.

The major rally actually began in early-January when the United States drone strike on a top Iranian military leader Gen Qasem Soleimani, and the rally gradually amassed traction until Jan 7, when giants hit and surpassed the resistance which existed at $8. level. This price, which consequently became a key support level, was finally cracked below on Wednesday when whales bolstered their trading pressure.

The rise in trading pressure especially selling appeared immediately after the world discovered that – for the moment – the U.S. doesn’t seem to have plans of hitting back against Iran for their missile attack on an Iraqi military base.