Is Bitcoin Going To Experience Its Biggest Weekly Loss Of 2019 This Week?

For the first time in over six months, Bitcoin’s acceptance has been below key support. Yesterday, the prices plummeted below a four-month low of $7800 and this phase of price volatility lingers. Bitcoin is currently trading at $8,030 on Bitstamp. This is a 20% decline from Monday’s opening price of $10,022. Assuming these prices remain at this level till Sunday’s UTC close, this would be the year’s biggest weekly loss so far.

Bitcoin has been dramatically hit with a rapid drop in one-fifth of its value. On Tuesday evening, bitcoin dropped by $1,500 within an hour to hit the $8,000 threshold. The prices dropped again after another sharp sell-off to as low as $7,830. The entire cryptocurrency market has also experienced this rapid drop.

BTC weekly chart

According to data from Bloomberg, bitcoin dropped by 9% and traded for as low as $7,736 in New York. This is its lowest record price since May. The total market capitalization continues to show new multi-month lows across crypto markets. Altcoins are not left out of this phenomenon of losses. Ether (ETH) is currently down by 2.54% and sells at $165.41. XRP is down by 1.54% and Bitcoin Cash (BCH) is down by 4.92%, selling at $214.48.finally, Litecoin (LTC) is down by 3.16%, changing hands at $55.01.  

Bitcoin prices have failed to hold onto signs of recovery. More downward price actions have been experienced as at yesterday. Back in the second week of January, there was a 13% fall back and this has been the biggest weekly loss so far. If bitcoin experiences a greater loss than this, it would be the most severe of the year.  From all indications, only a short-lived corrective bounce is possible over the weekend. It is likely that cryptocurrency would close below $8,719 on Sunday and would be the biggest weekly loss so far.

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