Bitcoin (BTC) remains on the hunt for a major bullish breakout after bouncing back from an overnight dip.

Prices hit a four-day low of $7,823 yesterday reportedly due to whale dumping over $50 million-worth of the cryptocurrency in one Bitfinex trade. The news that New York's attorney general is taking a closer look at major cryptocurrency exchanges operating in the state may also have dampened the bull mood.

The sudden price drop raised the possibility that the rally from the April 1 low of $6,425 had run out of steam.