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Bitcoin Retreats Below $8,000 as Bulls Tire

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It has been a weekend of nondescript activity so far for the bulls, with Bitcoin price only twice keeping above USD 8,000 in the past 24 hours, threatening to break past USD 7,850 floors to finally settle around USD 7,900 in the past six hours as Western Europe morning arrives on Sunday (8:45 am UTC, CoinDesk).

Along with the dip, most of the altcoins in the Top 20 by market capitalization (CoinMarketCap) have also posted losses in the past day, although they have generally kept losses to below 5% from the previous day. EOS was the biggest loser at 7%, while ETH has lost the same percentage value in the past week only.

Total crypto market capitalization is maintaining at around USD 254 billion, which is just about 6.5% down from last weekend, so the bulls, although showing signs of exhaustion, will take some comfort in knowing that even the best efforts from sellers could not make a double-digit percentage dent.

Investor and entrepreneur Alistair Milne points out that even at current prices, Google searches for BTC on a logarithmic scale shows a trend that has been climbing since 2009. This indicates that medium and short term interest in the world’s most popular cryptocurrency, Bitcoin has not dissipated and will likely only grow more as the bull market preps for the year.

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