Bitcoin heads for first weekly loss in month on slowing demand

Bitcoin fell slightly on spot trading today, continuing its losses that were halted yesterday, heading towards its first weekly loss in May, due to the slowing investment demand levels on the leading cryptocurrency in the market, with the market being in need of positive momentum, to help entering a new bull trend.

As of 07:33 GMT, at Bitstamp, Bitcoin is trading around $7,825, down by $55, or 0.7%, from the opening price of $7,880, with the highest at $7,938, and the lowest at $7,795.

Yesterday, Bitcoin gained 3.4%, in its first daily gain in 3, after holding up to $7,500 levels.

The total value of cryptocurrencies in the market fell on Thursday by about $2 billion to a total of $243 billion, as most of the major currencies prices fell slightly. 

Over the course of the week, Bitcoin has recorded a 4.5% loss so far, heading for the first weekly loss in May, due to the slowing investment demand levels on the leading cryptocurrency in the market, with the market being in need of positive momentum, to help entering a new bull trend.

The dominance of Bitcoin over the crypto trading fell from 60.52% last week, which was the highest level since April 2017, to about 56% this week, in a sign of a fall in demand level of the leading cryptocurrency "Bitcoin".

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.

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.

In the United States, the Securities and Exchange Commission SEC has postponed its decision again on the approval of the inclusion and trading of VanEck/SolidX ETF proposal according to an official report issued by the committee on May 20th.

The postponement decision allows the regulator to gather the more information and opinions before the final decision is issued within 90 days on August 19th, as the entity needs further clarification on how to protect investors from fraudulent and manipulation practices.

Last week, the commission has postponed its decision again on the approval of the inclusion and trading of the Bitwise exchange-traded fund (ETF).

Brian Kelly, a prominent cryptocurrency analyst at CNBC, predicted the rebound in prices again over $8,000 and recording new highs this year.

Kelly attributed this expectation to the growing interest by the institutional investors interested in the offers from the US financial investment giant Fidelity, as well as the possibility of retailers entering the market now through TD Ameritrade.