Bitcoin price (BTC/USD) hits five-week low on Wednesday

The original cryptocurrency slips below $8,000 amid a market-wide sell-off

Bitcoin price (BTC/USD) hits five-week low on Wednesday

The Bitcoin price (BTC/USD) has fallen to its lowest level in more than a month amid a fresh sell-off affecting the wider cryptocurrency market.

The original cryptocurrency has had difficult start to this week, having posted losses in the previous two sessions. The digital currency performed poorly yesterday, especially in the final hours of the session, which marked the beginning of a steep decline, which resulted in the coin hitting an intraday low of $8,004.58. Bitcoin saw a small uptick just before the end of the session, which allowed it to finish the day at $8,041.78. Still, this was significantly lower than the opening price of $8,419.87.

The cryptocurrency continued to fall in the early hours of today’s trading, dropping below the $8,000 mark for the first time in five days. Bitcoin came close to slipping below $7,900 as well, as it hit a fresh low of $7,904.32. This is the coin’s lowest price level since April 18, according to data from cryptocurrency tracker Coinmarketcap.

The cryptocurrency made an attempt to return above the $8,000 level later in the session, but it did not have enough momentum to break through the barrier. Its advance stopped at $7,995.73 and the coin pulled back to lower levels. At the time of writing, the Bitcoin price was hovering around $7,965.

Bitcoin’s performance in the past 24 hours has been in line with the wider cryptocurrency market. Most cryptocurrencies in the top 100 have suffered heavy losses over the period and the market as a whole has lost nearly $25 billion.

In today’s trading, the Bitcoin price stood at $7,963.71, as of 08:20 BST. The digital currency has lost 4.6% of its value in the past 24 hours. Its total market capitalisation currently stands at $135.7 billion.

For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.

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