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Other important cryptocurrencies have also suffered Friday. The XRP, the second largest by market value, was down 7% while the ether fell 11%.
Timothy Tam, CEO of CoinFi, a cryptocurrency research firm, said that Bitcoin's big move down was a "combination" of factors.
On Thursday, the SEC extended the review period of a long-awaited ETF bitcoin until 27 February. While Gabor Gurbacs, who is driving the effort of the bitcoin ETF to VanEck, said the move is "expected" – the market has yet to react.
"Historically there is a correlation of prices with the expectation of an approval of the ETF and a downward movement when the ETF is rejected or delayed," Tam told CNBC on Friday. "The feeling among retail investors in cryptographic space is already negative, so any negative news like this generates an excessive reaction".
Michael Moro, CEO of Genesis Trading, said that unlike the previous weeks with the drama in another bitcoin crate in cryptocurrency, the moves this week do not seem to be based on the events.
"It looks like a continuation of the trade at the time it was throughout 2018," said Moro. "The short interest has continued to grow, as commercial companies try to take advantage of volatility".
Moro has also seen an increase in sales by some long-term bitcoin holders.
"The general market sentiment seems to be that this" winter crypt "could last for a while, not too many people expect a V-shaped recovery in 2019," he said.
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