Bitcoin treads water around $8,000 after its worst week of the year


The price of bitcoin struggled to remain above the $8,000 level Sunday, following its worst weekly price loss of the year.

Bitcoin BTCUSD, +3.16%   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.

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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.

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