The price of bitcoin on Friday fell to a level last seen in early February when it registered its lowest price of the year.
Prices went as low as $6,081.09, according to CoinDesk’s Bitcoin Price Index (BPI), a significant drop considering the day’s opening price of $6,717.20.
At press time, bitcoin’s price – currently hovering at around $6,226 – is down more than 60 percent from the 2018 high of $19,783 set in January.
Other cryptocurrencies are following suit as bitcoin continues to flirt with support levels, as shown in data published by sources like OnChainFX.
Litecoin, for example – the world’s sixth largest cryptocurrency by market cap – hit its lowest level in 7 months on Friday. The price of ether currently at about $479, roughly 60 percent from its all-time high in December 2017.
As it stands, the overall cryptocurrency market cap is $259 billion, down from its high of $813 billion, according to CoinMarketCap.
Other indicators similarly depict the state of the market as it stands today.
The Relative Strength Index (RSI), a popular momentum indicator, demonstrates a weekly value of 41 according to Bitfinex exchange data, a level that was last seen in August 2015.
Compared to bitcoin’s lowest weekly RSI level (27) for the prolonged bear market in 2014, current levels show scope for significant additional depreciation.
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