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Bitcoin nearing largest weekly price loss of 2019

By Lawrence Gash

Bitcoin (BTC) is set to experience its most significant weekly price loss after dropping 20% since Monday, Coindesk reports.

Bitcoin nearing largest weekly price loss of 2019

The main cryptocurrency, by market value risks dropping to $7,500 and is currently trading around $8,030 from Monday’s $10,022.

The previous biggest loss of the year was 13% in the second week of January.

This led to a bear run which did not end until Spring. The launch of Bakkt, a platform for institutional investors, saw lower-than-expected volumes.

With investors disappointed and altcoins, such as Litecoin (LTC), failing this recent drop in Bitcoin perhaps appears less surprising.

The 14-week Relative Strength Index dropped dipped below 50 for the first time since the end of March.

It is therefore unlikely that Bitcoin will gain above $9,000 by next Monday. However a bounce above $8,600 is certainly not unfeasible.

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