Bitcoin prices declined over the last 24 hours, hitting their lowest price in more than six months.
The digital currency reached $6,616.24 shortly before 8:45 p.m. EST, CoinDesk data shows.
At this point, the cryptocurrency had fallen more than 35% from its recent high of more than $10,000 in October and over 50% from its 2019 high of nearly $14,000 reached in June, additional CoinDesk figures reveal.
“Bitcoin’s price remains under pressure, especially as the China-hype-driven speculative surge unraveled,” said Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital.
“Moreover, the recent China-Binance FUD also dampened market sentiments considerably,” he added.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
Michael Conn, founder and managing partner of financial services firm Quail Creek Ventures, also weighed in.
“Though there are still rumours in the market about a Chinese crackdown on Binance’s offices in Shanghai, I think the majority of the pressure is from bears, with little support to the upside right now,” he stated.
Going forward, the digital currency may be in for additional downside, according to technical analysis provided by Jon Pearlstone, publisher of the newsletter CryptoPatterns.
“While there are a few key technical indicators that continue to show potential for upside,” “for now bears have the edge,” he stated.
“The next targets would be a test of support at $6500 then $5000,” added Pearlstone.
Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether and EOS.