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 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 biggest loss of 2019 so far was a 13 percent fall back in the second week of January, so any greater loss this week would be the most severe of the year to date.

Bitcoin looks set to confirm its 16th weekly loss of 2019.

The cryptocurrency has registered double-digit weekly losses only twice in the first six months.

Prices have registered double-digit weekly losses four times in the third quarter.

The 13 percent drop seen in the second week of January turned out to be a bear trap:s prices bottomed out around $3,300 over the next five weeks before breaking into a bull market in April.

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.

BTC has dived out a narrowing price on the weekly chart, confirming a bearish reversal.