Bitcoin has fallen from $61,683.86 to 9.57% within a seven day trailing period.
The MarketWatch reported the opinion of the market analyst at ThinkMarkets, Fawad Razaqzada, “Judging by recent events, traders seem happy to be selling into the rallies rather than buying the dip.
So, don’t be surprised if we see renewed weakness in the markets later on in the session”
The Analysts expected the downwards momentum to continue and warns that BTC may breach the $50,000 levels.
MarketWatch reported that Razaqzada has urged Bitcoin traders to exercise caution, in his words “appetite for risk” is slowly fading, .
Some are of the opinion BTC’s decline is the expiration of $5 billion worth of options, due on Friday, as per Ai.
According to the analyst, the expiration of contracts and some investors pushing the price lower to make money from bets against the cryptocurrency in the options market “have led to spot-selling pressure into quarter-end.”