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Bitcoin Down $100 as Price Seeks Support Above $4,000

Bitcoin prices are beginning to move sideways, just a day after setting a new all-time high.

Aug 16, 2017 at 12:15 p.m. UTC
Updated Sep 13, 2021 at 6:50 a.m. UTC

After its worst-performing day in weeks, the price of bitcoin was again down to start the day on Wednesday.

At press time, average bitcoin prices were down just over $120 across major exchanges, declining from an opening value of $4,204 at 0:00 UTC to $4,080. The drop comes a day after the bitcoin price shed $178 in value on Tuesday, declining from $4,382 to $4,204, and in between, setting a new all-time high.

CoinDesk data reveals Tuesday was the worst day for the bitcoin price in over 20 days, as the near-$200 decline was the most observed since July 25, a time when the network was facing uncertainty over a coming software change.

The finding suggests that, despite heading over $4,000 amidst a wave of press mentions and new interest, volatility could be ahead as the price tries to maintain support at its new levels. The day has already seen sub-$4,000 levels, with the price hitting a low of $3,985 today.

Over the last 10-days, the price of bitcoin has seen three days of declines, but also five days in which it rose by more than $200, according to BPI data. Such volatility, however, is common amongst the nascent asset class.

Bitcoin's dip, for instance, also coincides with a drop in the value of all public cryptocurrencies, with the total asset class now worth $136 billion, down from $141 billion earlier this week, according to data from Coinmarketcap.

Money airplanes via Shutterstock

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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