Bitcoin dips under $78,000 after reaching $81,455 3-month high
Business
bitcoin just dipped under $78,000 after reaching a three-month high of $81,455 last week.
While it's down 0.71% in the past day, it's still up slightly for the week.
Traders are keeping an eye on the $77,000 support level and see resistance around $80,000 to $81,500, so things could get interesting if those numbers are tested.
Institutional demand for bitcoin holds
Even with this price drop, big investors aren't backing off. Demand from institutions is still strong. However, trading volumes have been pretty low lately.
Meanwhile, macro factors like talk of a possible US Federal Reserve rate hike and rising oil prices are making things tense for cryptocurrency markets.
If inflation keeps climbing and liquidity tightens up, bitcoin could face more bumps ahead.