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.

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

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