Bitcoin's bearish trend continued over the weekend, and is back to sub-$7,000 level losing most of the gains made in the last month.
Some crypto pundits predict that they don't see a major comeback for the most popular cryptocurrency in the rest of the months this year.
Increasing sell volume continued to apply downward pressure on Saturday with prices hitting a low of $6,916.
Bitcoin opened at $7,104 on Monday, and went to the day's high of $7,117 within minutes only to see a steady fall back below the $7000 mark later.
At the time of publishing this article, BTC is changing hands at $6966 at Bitfinex.
Bitcoin price, which has been fluctuating most of this year, is making a deeper correction from its earlier rally.
After hitting a two-month high in the last week of July, bitcoin has declined more than 17 percent. A fall to $6,800 would put the softcoin into bear-market territory, based on the generally agreed upon definition of the term.
bitcoin's latest losses were driven largely by the Intercontinental Exchange's announcement that it was entering the cryptocurrency market with potentially game-changing implications.
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May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.