Story by: MIKE MURPHY
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.
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.