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Author Topic: [2018-06-14] MARKETWATCH: Here’s why bitcoin is falling  (Read 19 times)
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June 14, 2018, 02:13:57 PM

Here’s why bitcoin is falling—and it isn’t just the Coinrail exchange hack

How low can bitcoin go? That’s the question market participants are posing as the price of the No. 1 digital asset has unraveled toward multimonth lows in recent weeks.

The value of a single bitcoin recently traded to $6,133.31 Wednesday, representing its lowest level since Feb. 5. The computer-driven currency is now down more than 40% year-to-date, raising the persistent concern about the depths to which the nascent asset, which hit a peak nearing $20,000 in December, can reach.

Analyst Jani Ziedins, who predicted the move lower, summed up market sentiment in a recent blog post. “Last week’s $9k support has turned into this week’s $8k support. And thus far it is giving every indication that $7k will become next week’s support. I hope you see the trend here,” he wrote.

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