Bitcoin’s price pullback has gathered steam in the last 24 hours, erasing a major portion of the cryptocurrency’s recent gains. The top cryptocurrency dived out of the $8,460–$8,750 congestion zone during the European trading hours on Thursday, signaling a continuation of the pullback from Sunday’s high near $9,200.
So far, the follow-through to the range breakdown has been bearish. The cryptocurrency fell to $8,230 soon before press time – the lowest level since Jan. 14, according to CoinDesk’s Bitcoin Price Index. Notably, bitcoin has now erased nearly 40 percent of the rally from $6,853 to $9,188 witnessed in the 17 days to Jan. 19. Further, bitcoin is now down 10 percent from the recent high of $9,188 and is reporting a 3 percent loss on a 24-hour basis.
All that said, prices are still up 15 percent on a month-to-date basis. That number, however, could decrease over the next couple of days, as the short-term charts are indicating bearish conditions.