05-09-2022 icon

Bitcoin dips to 3-month low, trades below $34k

By Lucy Adegbe

Bitcoin, the largest cryptocurrency by market capitalization, has hit a three-month low. At the time of writing, BTC trades at $33,596, down by 2.29% in the last 24 hours and 13.62% in the last seven days.

This development comes days after analysts reported bearish movements on the price chart. Similarly, over 100 traders had lost roughly $403 million a week ago when Bitcoin fell to $36,000.

24-hour BTC/USD price chart (Source:trading view)

Bitcoin has been on a steady fall for five days straight and at 6:25 am UTC, the cryptocurrency exchanged hands at $33,596, the lowest since January 24, 2022. Should the price falls below #32,951, the coin will be at its lowest since July 2021.

The chart above shows that Bitcoin has been on a bearish trend for five straight days.

Earlier on, analysts had warned that institutional trading had the potential of pulling Bitcoin to the $30,000 price mark or lower.

Bitcoin hit an all-time high of $69,000 in October 2021, before falling to $35,226 on January 22nd and climbing to $44k mid February.