Bitcoin struggled to stay above $ 8,000 on Sunday, after its worst weekly price drop this year.
Bitcoin (BTCUSD) has been above $10,000 recently until last Sunday, but has since fallen about 20%. As of Sunday night, Bitcoin was around $8,020, according to the CoinDesk.
The leading digital cryptocurrency, the world’s first and most important cryptocurrency, has fallen about 34% over the past three months. In June, Bitcoin reached the $10,000 mark for the first time since early 2018.
“Bitcoin’s recent price drop is a result of technical and fundamental factors,” the CEO of Bitbull Capital wrote last week.
Major cryptocurrency traders believe that Bitcoin could bounce back by nearly 10% and could remain above $8,000.
However, Bitcoin has risen to as much as 115% of the year so far, much higher than the 2019 low of about $3,400 in January. Bitcoin’s 52-week low of $3,167 was recorded in December. The cryptocurrency reached an all-time high near $20,000 at the end of 2017, and the market cap is currently around $144,600,000,000, according to Coinmarketcap.com.