Bitcoin’s tumble ‘has caused a lot of technical damage’, says analyst

A surge in bitcoin prices that took it well above $8,000 appears to be coming to a halt, wotj the world’s No.1 crypto asset running into sudden and sharp selling pressure within the past 24 hours.

Bitcoin












BTCUSD, +1.69%










hit an intraday low of $6,688.78 at 11 p.m. Eastern Time on Thursday, plunging from a 24-hour peak a $7,947.84, a roughly 16% drop, according to research and data site CoinDesk.

The digital asset has since steadied midday Friday at around $7,200, but the tumble has led at least one technical analyst to say that the decline has done a lot of harm to bitcoin’s near-term bull case.

“I think the drop has caused a lot of technical damage in the short term and the way it dropped is kind of a reminder that things like that can happen again,” Fawad Razaqzada, analyst at Forex.com, told MarketWatch.

The stumble for the digital asset comes after bitcoin has been on a virtual tear. Bitcoin futures












BTCK9, -8.89%


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