Bitcoin loses nearly $300 on the day, continues to float above $7000

• Bitcoin drops as the hard-fork gets canceled.
• $8000 becomes the next critical resistance. 

Following another record-setting rally on Wednesday, the BTC/USD pair lost its momentum on Thursday and lost nearly 4%, or $300, on the day. As of writing, the pair is trading at $7170 and looking to end the day lower for the second time this week.

Mike Belshe, the CEO and co-founder of bitcoin wallet software provider BitGo, sent out an e-mail explaining the recent decision to suspend the upcoming hard-fork, which has been fueling the cryptocurrency's rally since the start of the month. “Unfortunately, it is clear that we have not built sufficient consensus for a clean block size upgrade at this time. Continuing on the current path could divide the community and be a setback to Bitcoin’s growth. This was never the goal of Segwit2x," Belshe noted.

Since the start of the week, the BTC/USD pair's price action had been extremely volatile with deep corrections following new all-time highs. For now, the $8000 level seems to have formed as the next threshold and a decisive break above this level is likely to trigger another sharp increase. On the downside, the correction could extend lower towards the $6000 handle if buyers stop defending the $7000 level.