Bitcoin (available on Coinbase) (BTC) is pulling lower after doubling in value following a massive surge from 2018 lows. The flagship cryptocurrency remains under immense bearish pressure after a 130% plus rally since the start of the year.

Bitcoin (available on Coinbase) Price Analysis

A rally past the $8,000 mark had for the first time, in months, reinvigorated investor interest on cryptocurrencies, as it came after a harrowing plunge in 2018. A 14% plus drop has since taken the cryptocurrency back to the $7,700 level, waiting to see if short sellers have what it takes to continue piling pressure.

Given the magnitude of the drop, the cryptocurrency remains in a precarious position. Crypto investors and experts are of the opinion that the cryptocurrency could tank further should it fail to demonstrate a speedy recovery. A plunge to the $7,100–7,300 range could be in the future, according to the analysts.

The recent drop does not come as a surprise, as many expected it. Some speculate that certain Bitcoin (available on Coinbase) whales decided to cash in on 2019’s massive climb, dumping their BTC when they had the chance.