Summary While there was a small rebound in weekend trading in addition to the start of the week on Monday, Bitcoin remains one of the more notable pain trades of late.

With a series of lower highs and lower lows since then, Bitcoin made an attempt to run up to that moving average as recently as mid-May.

It goes without saying that Bitcoin has been a volatile instrument.

Since the start of 2017, it has been in a 37% drawdown on average.

While there was a small rebound in weekend trading in addition to the start of the week on Monday, Bitcoin ( BTC-USD ) remains one of the more notable pain trades of late.

As shown below, the world's largest cryptocurrency has been in a downtrend since last fall when it broke below its 200-DMA.

With a series of lower highs and lower lows since then, Bitcoin made an attempt to run up to that moving average as recently as mid-May, but the steep leg lower since then has resulted in 52-week lows last week when it traded below $60K for the first time since October 2024.

Talk about an ugly chart...

In the chart below, we show bitcoin drawdowns from all-time highs since 2017 (when the crypto first traded above $1,000 and roughly when it came into the mainstream).

It goes without saying that Bitcoin has been a volatile instrument.

Since the start of 2017, it has been in a 37% drawdown on average.

That includes a couple of extended periods without new highs, such as from 2018 through 2020 and 2022 through 2024.

The crypto again finds itself in not only a longstanding drawdown (as of Monday it is on its 245th day without a fresh high, the third longest streak on record), but nearly cut in half versus its high from last October.

Original Post Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.