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Bitcoin has witnessed decent two-way business in the last 24 hours.

A drop below $8,000 during the Asian day was quickly undone and the world's largest cryptocurrency by market value once again approached record highs, hitting $8,333 this morning.

At press time, bitcoin is changing hands at $8,228, according to CoinDesk's Bitcoin Price Index.

As per Bitcoin, the bitcoin-U.S. dollar (BTC/USD) exchange rate has appreciated by 1.13 percent in the last 24 hours. Meanwhile, the total trading volume in the last 24 hours was $5 billion, the highest since Nov. 16.

 

 

The price action analysis indicates the failed breakdown below $8,000 may be costly for the bears.