Bitcoin Dips Below $7,000, Hitting Lowest In 2 Weeks

Bitcoin prices declined to less than$7,000, hitting a two-week low. Shutterstock

Bitcoin prices fell below the $7,000 level today,reaching their lowest since mid-July.

The digital currency's pricedeclined to as little as$6,933.09, according to theCoinDesk Bitcoin Price Index (BPI).

At this point, it wasdown 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 analystsclaimed 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 ofcrypto-to-crypto derivatives platformAmulet.

Charles Thorngren,CEO ofNoble Alternative Investments, agreed with this statement, adding that an "attractive uptrend" was "in the works."

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 wasnt sharp enough, so not willing to stand behind a call that its a bottom yet," statedVinny Lingham, co-founder & CEO ofCivic.com.

Bitcoin's recent pullback could easily worsen this uncertainty, motivating some traders to sit back and wait while the markets get their bearings.

Disclosure: I own some Bitcoin, Bitcoin Cash and Ether.

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Bitcoin Dips Below $7,000, Hitting Lowest In 2 Weeks