It has not been a good last one week for cryptocurrencies and the retracement lower in Bitcoin is a big part to do with that. The price of Bitcoin has now dropped just below $61,000 on the day as the selling pressure intensifies. All eyes are now on the $60,000 mark to see if buyers will have the appetite to put up another defense there again.
Bitcoin (BTC/USD) daily chart (Coinbase)
After topping out near $74,000 last week, Bitcoin looks set for back-to-back weekly declines now for the first time since January. This week alone, the cryptocurrency is down by nearly 11% already.
