Prices for Bitcoin reached a new low today and plummeted to below $5800, which is a record low for the year. As of 12.00 PM EST on 24.06.2018, the price for a Bitcoin dropped to $5,785.43 as per Bitcoin Price Index. This marked the lowest levels for Bitcoin since November 2017 and translated to a decline of 5.3% over the last 24 hours and roughly 70% since its all-time high of December 2017, when it touched the level of $19,783.21. But the Bitcoin recovered slightly and was being traded at $6,162.03 by the time this article was published.
This trend of gradual fall in value Bitcoin has now been going on for last few months. During this period Bitcoin has lost almost two-thirds of its value since the high of December 2017. As per Marius Rupsys, renowned digital currency investor, “Statistically Bitcoin has been in the bear market for a while.”
According to Scott Weatherill, Chief Risk Manager, B2C2 Japan, the prices of Bitcoin have been gradually falling, other market activity indicators remain lackluster. He further added that “Exchange volumes continue to languish, and Google search trend statistics show that search volumes for ‘Bitcoin’ sit at just 10% of the heights witnessed at the peak of the mania in December.”
As per Jon Pearlstone, Publisher of Cryptopatterns, despite the recent bearish signals, prices of the cryptocurrency might soon be heading towards a rally. He added that Bitcoin is moving towards the $5,000 level “and that is still the most likely path.” He further said that the trading volumes have risen a bit today, and the prices have recovered from the recent lows and was quoted saying, “Add this buying to multiple technical indicators showing bullish divergence, and it could mean a bounce is coming that could turn into a ‘relief rally’ with a target of $7250.”
“Getting above the key price level of BTC $6450 is the confirmation level for the short term bullish path we’re watching.”
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