Bitcoin is still set to finish this week in the red
Bitcoin, the number one cryptocurrency by market cap, once again hit the pivotal level of $ 60,000 at 5:02 p.m. UTC on the Bitstamp exchange.
Bulls, however, are struggling to gain footing above the aforementioned price point, with Bitcoin slightly retracing to $59,785.
Earlier this week, the king of crypto plunged as high as $ 55,567, raising doubts about the longevity of the ongoing bull market.
Despite the recovery, the flagship cryptocurrency is still on track to score its biggest weekly drop since early September. It is currently down 8.25% since the start of the week.
Bitcoin is also down 2% on the monthly chart despite hitting a new all-time high of $ 69,044 11 days ago.
The broader cryptocurrency market remains in the doldrums, with Avalance (AVAX) and Crypto.com Coin (CRO) being the only outliers.
