Bitcoin Struggles to stay above $8,000

While the world's largest digital currency has dropped below $8,000 many times lately, it has always bounced back.

This resilience illustrates that Bitcoin has built up significant support near that price level, said analysts.

There is "lots of support at those levels," said Iqbal Gandham, U.K. managing director for social trading platform eToro.

Charles Hayter, co-founder and CEO of digital currency data platform CryptoCompare, offered similar input, stating that Bitcoin has built up good support at $8,000.