Bitcoin Price: Cryptocurrency Market Extends Sell-Off as BTC Hits Three-Month Low

Cryptocurrency prices continued to decline on Saturday, with Bitcoin extending its losses and touching a fresh three-month low just above $62,000.

The world’s largest cryptocurrency was down another 8% from Friday evening’s US stock market close, bringing its weekly decline to approximately 17. Ether, XRP and Solana also recorded losses of around 22% over the same period.

Analysts assess market conditions

Crypto analyst James Check described the latest sell-off as the fourth capitulation event since Bitcoin reached its all-time high.

In comments shared on social media, Check said many investors booking losses had missed opportunities to buy Bitcoin in the mid-to-high $60,000 range last summer before entering the market at higher prices in September, when the cryptocurrency traded around $80,000.

He suggested that some of those investors were now selling at prices they had previously considered attractive buying opportunities.

Check described Bitcoin as being in a “deep value” zone, a level he said had previously appeared in February and late June, as well as during the final months of the 2022 cryptocurrency downturn.

However, he cautioned that these conditions did not necessarily mean the market had reached its bottom.

According to the analyst, investors who begin gradually building positions during such periods could eventually benefit if prices recover. Nevertheless, the timing and extent of any potential recovery remain uncertain.