On Monday, Bitcoin dropped to $32,982.11, its lowest point since July, according to Coin Metrics, but rose 5.6% in afternoon trading to $37,183.25.
Some analysts say they see $30,000 as the next level of support for the cryptocurrency to test, but analyst John Roque of 22V Research believes bitcoin could fall even further.
“A 78% decline from the bitcoin high of nearly $69,000 would imply a potential downside figure of about $15,000,” said Roque.