The price of bitcoin struggled to remain above the $8,000 level Sunday, following its worst weekly price loss of the year.
Bitcoin BTCUSD, +0.08% was above $10,000 as recently as last Sunday, but has since fallen about 20%. As of Sunday night, bitcoin was around $8,020, according to CoinDesk.
The leading cryptocurrency has fallen about 34% over the past three months. In June, bitcoin topped the $10,000 mark for the first time since early 2018.
“Bitcoin’s recent price drop is a result of technical and fundamental factors,” Bitbull Capital CEO Joe DiPasquale wrote last week, according to Barron’s.
Crypto trader Josh Rager, co-founder of BlockRoots, tweeted Sunday that bitcoin could bounce back nearly 10% if it manages to stop its slide and can stay above the $8,000 level.
Still, bitcoin is up 115% year to date, and is well above its 2019 low of around $3,400 in January. Bitcoin’s 52-week low of $3,167 was hit in December. The digital coin hit an all-time high near $20,000 at the end of 2017, and currently has a market cap of about $144.6 billion, according to Coinmarketcap.com.