The Bitcoin price (BTC/USD) has returned to sub-$4,000 levels following a steep drop that occurred on Monday afternoon.
The original cryptocurrency attempted to make a comeback after it dropped to a 14-month low of $3,585.06 on Sunday, but it faced significant difficulties on Monday.
Initially it seemed that the was having some success in solidifying its position above the $4,000 mark. Having opened the Monday session at $4,015.07, the digital coin rose to an intraday high of $4,107.14 in the early trading. However, the coin’s rally quickly ran out of steam and BTC was forced to retreat to lower levels. The situation got worse in the afternoon part of the session, when Bitcoin experienced a sharp plunge below the $4,000 mark. The coin dropped to as low as $3,643.92, before eventually finishing the session at $3,779.13.
Bitcoin has continued to struggle in today’s morning session, with the coin’s price hovering around the $3,700 level. At the time of writing, Bitcoin was trading at around $3,720, according to data from digital currency tracker Coinmarketcap.
At current price levels, Bitcoin is down more than 81% from its all-time high that it reached in December, 2017. Some observers, including some Bitcoin bulls, expect that the digital coin will see more losses in the short term.
“We’ve probably got a bit more to fall,” Anthony Pompliano, founder and partner at crypto investment firm Morgan Creek Digital Assets, told CNBC yesterday. He is expecting the Bitcoin price to extend its losses to 85% from its all-time high.
In today’s trading, the Bitcoin price stood at $3,715.51, as of 10:09 GMT. The digital coin has lost 6.5% of its value in the past 24 hours, Coinmarketcap data shows. The coin’s total market cap currently stands at $64.6 billion.
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