Bitcoin prices fell below the $7,000 level today, reaching their lowest since mid-July.
The digital currency’s price declined to as little as $6,933.09, according to the CoinDesk Bitcoin Price Index (BPI).
At this point, it was down roughly 6.5% for the day, additional BPI figures show.
[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.]
Bitcoin’s Recent Recovery
Since reaching a 2018 low of $5785.43 in June, Bitcoin prices have bounced back, rising to as much as $8,479.33 July 25.
Right around that time, several analysts claimed that the digital currency’s price had hit a local low, signaling a reversal in their trend.
“Bitcoin has indeed bottomed out,” stated Marouane Garcon, managing director of crypto-to-crypto derivatives platform Amulet.
However, not everyone had shared that point of view, with some market observers contending that it was too early to call a bottom.
“I’m concerned that the bounce off the lows wasn’t sharp enough, so not willing to stand behind a call that it’s a bottom yet,” stated Vinny Lingham, co-founder & CEO of Civic.com.
Bitcoin’s recent pullback could easily worsen this uncertainty, motivating some traders to sit back and wait while the markets get their bearings.