Bitcoin opens lower Friday and is on track for a second consecutive losing week—something that hasn’t happened since early March—as investors brace for what could be a momentum shift for digital currencies.
The price of a single bitcoin BTCUSD, -1.60% slumped below $8,000 overnight to an intraday low of $7,931.43, its lowest level since April 18.
The No. 1 digital currency has since regained $8,000, last trading at $8,111.09, down 1.2%, since Thursday’s levels at 5 p.m. Eastern time on the Kraken exchange.
What are analysts saying?
With bitcoin now down by more than 15% from its early May high, when it traded near the $10,000 psychological level, one analyst thinks the market suffered from over-exuberance. “Throughout the year, each time market participants have expected growth, the trend has reversed into a decline,” wrote Alexander Kuptsikevich, analyst at FxPro.
“Bitcoin in particular, after having experienced growth for 3 weeks and attempted to move above $10,000, is now in a downward trend that has already lasted for two weeks.”
What are futures and altcoins doing?
Altcoins, or those considered alternatives to bitcoin, are under pressure Friday, tracking bitcoin lower. Ether ETHUSD, -1.82% has lost 1% to $679.01, Bitcoin Cash BCHUSD, -6.69% has slumped 4.1% to $1,177.40, Litecoin LTCUSD, -2.56% is of 1.9% at $132.02 and Ripple’s XRP coin XRPUSD, -1.78% last traded at 67 cents, down 0.4%.