The largest cryptocurrency had shed more than 12% in the past four days as of Saturday, and the weakness spilled over into Sunday.

Bitcoin, as well as other alternative cryptocurrencies, experienced sharp price declines on Thursday and have yet to bounce back just one day later. Bitcoin fell to the lower $84,00 range yesterday and continued to slip into the early morning hours, hitting as low as $81,600.

This surge in demand for lower-strike puts contrasts with the post-Trump-election pattern of enthusiasm for high-strike calls.

“Our worst-case scenario assumes a decline to the $1.8 trillion to $2 trillion range, with an extension to 161.8% of the initial downward momentum in October-November,” Alex Kuptsikevich, FxPro chief market analyst, said in emailed comments.

Marginally good news and big bitcoin purchases have yet to move the cryptocurrency in a meaningfully positive direction.

Long-term bitcoin holders are selling at the fastest pace since August, while some industry observers suggest the market may be approaching a bear-market bottom.

Bitcoin price dipped below $80k as 335,000 new wallets signal rising adoption despite short-term BTC price weakness.

From November 10 to December 1, Bitcoin fell from a valuation of about $106,000 to a low of under $85,000. Concerns surrounding tech stocks, liquidity, and a variety of other complex factors had contributed to a deepening risk mood in crypto spaces.

To really get a sense of Bitcoin's long-term value and its daily ups and downs, you need to look at a mix of things.

Another U.S. government shutdown could be about to pile on even more pressure as gold tops $5,000 per ounce and silver breaks $100—leaving some asking, “Where is bitcoin?”

The Bitcoin price attracts attention from analysts and traders who watch its moves on crypto exchanges. Researchers usually point to a few factors that move the coin’s price through different cycles. The key drivers include supply limits, market demand, macroeconomics, and market behaviors.