Bitcoin declined to nearly $6,600 tonight, falling to its lowest point since May. <\/p>\n
Bitcoin prices declined over the last 24 hours, hitting their lowest price in more than six months. <\/p>\n
The digital currency reached $6,616.24 shortly before 8:45 p.m. EST, CoinDesk data shows.<\/p>\n
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. <\/p>\n
Bitcoins price remains under pressure, especially as the China-hype-driven speculative surge unraveled, said Joe DiPasquale, CEO of cryptocurrency hedge fund managerBitBull Capital. <\/p>\n
Moreover, the recent China-Binance FUD also dampened market sentiments considerably, he added. <\/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
Michael Conn, founder and managing partner of financial services firm Quail Creek Ventures, also weighed in. <\/p>\n
Though there are still rumours in the market about a Chinese crackdown on Binances offices in Shanghai, I think the majority of the pressure is from bears, with little support to the upside right now, he stated. <\/p>\n
Going forward, the digital currency may be in for additional downside, according to technical analysis provided by Jon Pearlstone, publisher of the newsletterCryptoPatterns. <\/p>\n
While there are a few key technical indicators that continue to show potential for upside, for now bears have the edge, he stated. <\/p>\n
The next targets would be a test of support at $6500 then $5000, added Pearlstone. <\/p>\n
Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether and EOS.<\/p>\n
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