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Bitcoin Struggles to Breach $8,000 Amid Lack of Positive Catalysts

Investing.com - Bitcoin's struggles to move meaningfully above $8,000 continued Wednesday amid a lack of positive catalysts for bulls to rally behind.

Bitcoin fell 1.25% to $7,896.5, down from a high of $8,094.2.

The battle for the $8,000 handle continued, with crypto bears successfully defending the price level so far, as traders had little impetus to pile into the popular crypto.

But the somewhat sideways-to-lower trading action over the past two days has done little to stop some suggesting that the popular crypto is poised for a move higher given the volatility in markets and decreased mining activity.

"After a disturbing pullback to $6,200, Bitcoin back (greater than) $8,000 further cementing positive trend intact," analyst Tom Lee of Fundstrat said in a recent note.

Other cryptos also trended lower, with XRP/USD down 2.26% to $0.3900, ETH/USD down 1.18% to $244.60 and LTC/USD off 2% to $89.14.

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