Investing.com – Bitcoin steadied on Thursday after dipping below $9,000 for the first time in a week, suggesting underlying demand for the popular crypto remained robust.
Bitcoin rose 0.90% to $9,291.9 on the Bitfinex exchange after falling to a seven-day low of $8,980.
Traders appeared wary of initiating large bets on bitcoin amid uncertainty as to whether the popular crypto faced further downside pressure following three-straight days of losses.
While there was no clear reason for the recent weakness in bitcoin, Some crypto observers cited bitcoin’s rally to near $10,000 last week triggered resistance – price levels that attract selling pressure.
Others, however, said bitcoin’s recent rally was halted amid negative comments from legendary investor Warren Buffett.
But Buffett has long been one of bitcoin’s staunchest critics, recently claiming the popular crypto was “rat poison squared.”
Sentiment on cryptos, however, remained positive as the total market cap of cryptocurrencies was steady at about $435 billion, at the time of writing, a modest uptick from about $434 billion on Tuesday.
Ripple XRP fell 1.45% to $0.79815 the Poloniex exchange, while Ethereum fell 0.02% to $744.32.
Bitcoin Cash rose 4.27% to $1,640.10, while Litecoin fell 0.04% to $157.19.