The largest cryptocurrency slid as much as 3,2 percent to US$38 236, the lowest since March 15, and down more than 20 percent from last month’s high.
Bitcoin has dropped below its Ichimoku cloud support on a weekly chart, with secondary support only coming in around USxxx$27 200, said Katie Stockton, founder and managing partner at Fairlead Strategies.
For all its recent losses, Bitcoin remains in the middle of a trading range that has held since the start of the year, between about US$35 000 to US$45 000.