The Bitcoin price recently attempted to break above its key resistance level at $8,800 but miserably failed to do so. The top coin by market cap has shed $300 of its value in mere minutes.
At press time, BTC is changing hands at $8,453, dipping by 1.33 percent over the last 24 hours.
Prior to that, cryptocurrency trader Josh Rager pointed out that $8,800 would be "an important area" for Bitcoin to close above.
However, it now seems like it's out of reach for the bulls (at least in the short-term).
It's once again an uphill battle for Bitcoin given that its price is now in serious danger of dropping below $8,000 once again. The market is waiting for the coin's next move with bated breath.