Bitcoin price today 7/8: Return to accumulation state

Bitcoin continuously traded around the support level of 29,000 USD/BTC, although it lost this mark at one point, but then quickly recovered. The fact that Bitcoin is trading stably above $ 29,000 shows that the demand is still well maintained even though this cryptocurrency has been almost flat in recent weeks.

The Bitcoin price movement calmed down after the excitement among investors about the activities driving the approval process of Bitcoin exchange-traded funds (ETFs) wore off. Other investors are wary of lawmakers' efforts to perfect the regulatory framework for the US crypto market.

Meanwhile, the jobs report will likely change the US Federal Reserve's (Fed) interest rate hike schedule, thereby affecting risk assets, including the cryptocurrency market.

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Regarding virtual currency exchanges, currently, the US Department of Justice is considering an administrative penalty or an agreement to resolve fraud without prosecution against the cryptocurrency exchange Binance, due to concerns. fear will cause panic leading to a crash similar to FTX.