Bitcoin is still set to finish this week in the red

Bitcoin, the number one cryptocurrency by market capitalization, touched the pivotal $60,000 level once again at 5:02 p.m. UTC on the Bitstamp exchange.

Bulls, however, are struggling to gain footing above the aforementioned price point, with Bitcoin slightly retracing to $59,785.

Earlier this week, the crypto king plunged to as low as $55,567, raising doubts about the longevity of the ongoing bull market.

Despite the recovery, the flagship cryptocurrency is still on track to score its biggest weekly drop since early September. It is currently down 8.25% since the start of the week.

Bitcoin is also down 2% on the monthly chart in spite of hitting a new all-time high of $69,044 11 days ago.

The broader cryptocurrency market remains in the doldrums, with Avalance (AVAX) and Crypto.com Coin (CRO) being the only outliers. 

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