Bitcoin approaching biggest weekly price loss of 2019

Bitcoin is on track to post its biggest weekly loss of 2019, having found acceptance below key support for the first time in nearly six months.

The top cryptocurrency by market value is currently trading at $8,030 on Bitstamp, representing a 20 percent drop from this week’s (Monday’s) opening price of $10,022. That is the biggest weekly loss of 2019 assuming prices remain at similar levels until Sunday’s UTC close.

The latest two-figure drop, though, indicates the bull market from April’s lows near $4,000 has ended and the sellers have regained control.

It’s worth mentioning that the cryptocurrency has found acceptance below the 200-day MA for the first time since April 2. The breakdown of the long-term support has further confirmed a bullish-to-bearish trend change. The average is currently located at $8,352.

All-in-all, a corrective bounce, if any, over the weekend will likely be short lived and the cryptocurrency could close below $8,719 on Sunday, confirming the biggest weekly loss of 2019.