Bitcoin is struggling hard to stay above $8000 psychological support levels, following the worst weekly loss of the year, with the price dropping more than 22% in just a matter of days.
Over the past week, the world's highest cryptocurrency incurred a loss of 20%, marking the worst two-week loss this year, and over the past three months, Bitcoin fell by about 34% in the first quarterly loss since the fourth quarter of last year.
The problem started last Wednesday when the coin fell from the $9,000 level to around $8,100 within minutes, then the coin struggled to recover itself, rising to $8,600 by midday, and then falling back below $2,400 24 hours later.
Since then, the coin has shown resistance to rise above $8,100, and is now hovering near a new low.
However, Bitcoin has made gains so far Q8Trade By 115%, well above its 2019 low of $3,400 hit in January.
Some analysts believe that Bitcoin may fall into the $5,000 range in the coming months, and if this bottom is reached, Bitcoin will surely fall to the $2,000 level.
Despite this, we can never forget the collapse of Bitcoin in 2018, which is considered the worst year for Bitcoin, as it reached an all-time high of nearly $ 20,000 at the end of 2017, to start 2018 on continuous declines to finally reach the level of 3000 Dollars at the beginning of 2019 to lose more than 7,000 dollars of its total value in about 11 months, but recovered after five months to eventually rise to the level of 13,000 dollars in the summer.
What we have to bear in mind is that it took almost a year for bitcoin to lose a lot of its value. The idea that bitcoin could fall into the $2,000 range by the end of this year seems a bit far fetched, as we've learned that anything is possible in the crypto world. But it seems strange that such a massive decline could occur in three months or less.
What is the reason for the big drop in bitcoin this week? Many industry experts are blaming Bakkt, the new crypto trading platform launched by Intercontinental Exchange, as many believe the crypto industry is not ready for such a regulated platform, while others say the hype surrounding Bakkt has finally faded since it was first introduced at the end of the year. year 2018.
Despite this, the project has become a reality and is available to institutional traders and many are hoping that Bitcoin will bounce back.
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