Bitcoin falls for fourth consecutive day, heads to give up $7000 mark

Bitcoin fell on spot trading today, continuing its losses for the fourth consecutive day, heading towards giving up $7,000 levels in case of the current negative atmosphere keeps surrounding Bitcoin's trading. Which some crypto experts now expect after the recent surge.

As of 08:35 GMT, at Bitstamp, Bitcoin is trading around $7,550, down by $72, or 0.9%, from the opening price of $7,622, with the highest at $7,695, and the lowest at $7,535.

Yesterday, Bitcoin lost 4.1%, in its third consecutive daily loss, after giving up $8,000 levels, due to the slowing demand for the world's largest cryptocurrency.

The total value of cryptocurrencies in the market fell on Thursday by about $5 billion to a total of $235 billion, as most of the major currencies prices fell. 

Some crypto experts now expect that Bitcoin will give up the $7,000 levels quickly, in case of the negative atmosphere and the correction activities keep surrounding Bitcoin's trading, with many others expecting it to give up the $6,000 levels too.

Those expectations are based after the latest large bullish run in the crypto market, as there will be saturation that will lead to prices deflation for several weeks.

It's worth mentioning that SEC postponing its decision to approve or reject some of Bitcoin's ETFs, has added more pressure on the crypto market since last week.

Analysts at Wall Street investment bank, J.P. Morgan Chase, said that after the recent rise in Bitcoin, the cryptocurrency is trading above its intrinsic value, with similarities in the current rise and the rise of late 2017.+