Bloomberg: Bitcoin will see its biggest weekly decline since November last year

According to Bloomberg News, Bitcoin will usher in the worst week of this year, and other cryptocurrency markets have not performed better. Bitcoin fell about 15% this week to around $10,145, the biggest five-day drop since November last year. The Bloomberg Galaxy Crypto Index fell about 12%, the biggest drop in four weeks. Matt Male, a stock strategist at Miller Tabak+Co, said, "At some point in the past year or so, people thought that cryptocurrency would be a means of secure trading. Encrypted currencies are losing some of the brilliance that is seen as a safe asset." For the analysis of the price chart model, the outlook is pessimistic, and each new high is below the previous high. To break this trend, Bitcoin needs to break through the recent high of $12,316 on August 6. Any higher value that does not break this level may further verify the current downstream channel.