The value of bitcoin dropped almost 50% in less than three months. Bullish bets is creating downward pressure on prices.

The price of bitcoin fell more than 10 percent during Thursday’s trading session as the cryptocurrency erased a large portion of its recent gains, writes coindesk.com.

At 6:00 UTC, bitcoin opened the trading hour at a price of $4,018, but fell to $3,748 before the hour was complete. After trading sideways until 16:00 UTC, the sell-off accelerated to a low of $3,570, according to CoinDesk pricing data.

Bitcoin’s current price of $3,610 reflects a $367 difference and more than 9 percent drop from its 24-hour opening price of $3,995, CoinDesk data further reveals.

In the last 24-hours, a total of $6.4 billion of bitcoin was traded across exchanges as its total market capitalization fell roughly 7 percent from $70 billion to $64 billion.

In fact, the value of bitcoin dropped almost 50% in the last three months, from almost $6.725 in October 17, to $3.610 at the time of writing.

The broader market has accompanied bitcoin in its latest dip as it usually does when bitcoin markets show weakness.

According to Coindesk’s Crypto-Economic Explorer (CEX), 18 of the 19 tracked cryptocurrencies are reporting double-digit 24-hour losses, with several extending depreciation beyond 15 percent including litecoin (LTC), neo (NEO) and cardano (ADA).

As it stands, the total capitalization of the cryptocurrency market is registering $122 billion, down 10.2 percent on the day according to CoinMarketCap.

Analysts said that a break below the level of $3,566 (Dec. 27 low) would further strengthen the bear grip and allow a re-test of the December low of $3,122.