Bitcoin cratered on Friday, confirming that its interim downtrend sentiment is far from over.
The world’s largest cryptocurrency by market cap established an intraday low of $10,761.80, down 3.38 percent from the Thursday Asian session open. The move downhill brought bitcoin’s downside correction from 2019 top to 22.40 percent. At the same time, the cryptocurrency’s market capitalization dipped to approx $193.84 billion.
On the volume front, the bitcoin-enabled pairs across all the cryptocurrency exchanges posted more than $25 billion worth of trading activity in the past 24 hours. Nevertheless, the Real 10 Volume, which allegedly removes the fraudulent data off the volume statistics, reported just $1.98 billion worth of trades.
Interim Downtrend Confirmed
Bitcoin had rallied to a peak level of $13,868.44 on June 27 afternoon, its highest price since January 2018. It then dropped to $9,651 in the next five days, which brought its net downside correction to 30.41 percent on July 2 morning. In the sessions that came later, bitcoin attempted a brief upside recovery of circa 25 percent to close above the $12,000 level on June 4 yesterday.