Bitcoin slumps to lowest price since May

Bitcoin this week hit lows of $8,975. Its price hasn’t been so low since May.

Traders this week watched the price of Bitcoin rise and rise, only to fall later in the week. As of June 28, the price of Bitcoin is $9,054, according to data metrics site CoinMarketCap.

Bitcoin started the week with strength, at around $9,300. Come Monday afternoon, it fared even better, rising to its weekly high of $9,680, dangerously close to the price point that it’s been pining for these past few weeks: $10,000. 

But alas, a swing and a miss this week. Traders’ luck ran out on Wednesday, when the price of Bitcoin fell throughout the day. By the early hours of Thursday morning, Bitcoin’s price had fallen to lows of $9,114. 

Things didn’t get much better for Bitcoin. It hit $9,320 later that day, but the price fell throughout the rest of the week to lows of $8,975 on Sunday. 

Its low of $8,975 this week is the lowest Bitcoin’s been for just over a month; the last time Bitcoin’s price was this low was on May 27.

All of this suggests that Bitcoin’s struggling to push past the illustrious, mythical price point of $10,000.

The $10,000 figure is so important to traders because that was the price of Bitcoin in February.

In mid-March, the price of Bitcoin was cut in twain when it crashed along with global markets. The markets were worried about the uncertainty caused by the coronavirus pandemic.

Bitcoin has largely recovered. It’s even pushed past the $10,000 price point several. But nothing’s stuck. Bitcoin’s weak end to the week serves as a reminder that things still aren’t back to normal.