The price of Bitcoin is falling

In less than six days, bitcoin's price has fallen from about $8,239 to $6,510 at its lowest point of the week. Investors are considering the possibility of a further pullback given the steep drop.

For example, Michael Novogratz, Galaxy Digital's billionaire CEO, said the bitcoin price is likely to remain within the range of $6,000 to $7,400 for a while unless the dominant cryptocurrency shows a strong short-term recovery.

"BTC chart needs to recover $7,500 in the next two days or we're going to be in a range of $6k-$7,400 that would be less than pleasant. BTC is still up 95 percent a year to keep perspective, but man, I liked it better than $10k," Novogratz said.

According to Dovey Wan, Primitive Crypto's founding partner, the selling pressure on the cryptocurrency market has been building up since last month, and much of the pressure has come from spot exchanges.