Bitcoin prices declined to less than$7,000, hitting a two-week low. Shutterstock<\/p>\n
Bitcoin prices fell below the $7,000 level today,reaching their lowest since mid-July.<\/p>\n
The digital currency's pricedeclined to as little as$6,933.09, according to theCoinDesk Bitcoin Price Index (BPI).<\/p>\n
At this point, it wasdown roughly 6.5% for the day, additional BPI figures show.<\/p>\n
[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.]<\/p>\n
Bitcoin's Recent Recovery<\/p>\n
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.<\/p>\n
Right around that time, several analystsclaimed that the digital currency's price had hit a local low, signaling a reversal in their trend.<\/p>\n
\"Bitcoin has indeed bottomed out,\" stated Marouane Garcon, managing director ofcrypto-to-crypto derivatives platformAmulet.<\/p>\n
Charles Thorngren,CEO ofNoble Alternative Investments, agreed with this statement, adding that an \"attractive uptrend\" was \"in the works.\"<\/p>\n
However, not everyone had shared that point of view, with some market observers contending that it was too early to call a bottom.<\/p>\n
\"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.<\/p>\n
Bitcoin's recent pullback could easily worsen this uncertainty, motivating some traders to sit back and wait while the markets get their bearings.<\/p>\n
Disclosure: I own some Bitcoin, Bitcoin Cash and Ether.<\/p>\n<\/p>\n
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