The bears continued to press bitcoin south in the previous 24 hours, and the property dropped to a weekly low of just over $62,000. A lot of altcoins are also in the red, with Litecoin losing the most value in a day.
Bitcoin Saw a Weekly Low
Just a couple of days back, the main cryptocurrency broke its previous ATH 2 times in a row, and the current peak came at $69,000.
As the community was anticipating another run up to $70,000, the entire landscape changed. Rather of going upwards, bitcoin headed straight south. In just a matter of hours, BTC lost more than $6,000 of worth to an intraday bottom of $63,000.
It bounced off initially and exceeded $65,000, as reported yesterday. Nevertheless, this cost boost was also brief, and the bears drove it downwards once again. This time, the cryptocurrency fell to $62,300 (on Bitstamp), which was the lowest rate point considering that November 7th.
Currently, bitcoin has actually recovered more than $1,000, and its market capitalization has actually reclaimed $1.2 trillion.