The largest cryptocurrency slid as much as 2% on Monday to US$38 709, extending declines from last month’s high to 20%.
Price charts are signalling further declines, technical analysts say.
“Bitcoin looks to be breaking a pivotal minor two-month trend on Friday’s pullback that likely causes weakness down to test January lows,” Mark Newton, a technical strategist at Fundstrat, wrote in a research note on Friday.
For all its recent losses, bitcoin remains in the middle of a trading range that has held since the start of the year, between about $35 000 to $45 000.