Cryptocurrency bitcoin decreased by 9% over the week

The value of the bitcoin cryptocurrency fell by 9%, returning to a weekly low — currently, the BTC is trading at $ 21,328, which is 1.04% less than in the previous 24 hours and 9.42% less than the maximum over the past week.

According to analysts, the decline in the value of BTC has weakened users' hopes for a cryptocurrency recovery and brought bitcoin back to the trading range of $ 19,000 to $ 22,000. «Over the past few weeks, bitcoin has had some stabilization and this has given some investors confidence that the bottom has already been reached. However, we doubt it now,» said Katie Stockton, co-founder of Fairlead Strategies.

Recently, we published a forecast by crypto analyst Inmortal on the value of the flagship cryptocurrency. According to the analyst, July 21−25 were critical for further developments with the value of bitcoin. Given that the price of BTC has dropped by 9%, Inmortal’s forecast of a 20% increase in bitcoin in the near future may not come true. Inmortal also stated that the cryptocurrency winter will last all summer, and then a period of consolidation will begin.