The Bitcoin price (BTC/USD) has retreated to the low $9,000 area after seeing a steep drop in today’s morning session.
Following a poor Monday session, the original cryptocurrency continued to decline on Tuesday, falling further below the psychological $10,000 level. The digital coin made an attempt to bounce back in early afternoon trading, rising to an intraday high of $9,462.75, but this was followed by a sharp pullback to a six-day low of $9,127.77. Bitcoin eventually finished the session at $9,234.82, down from its opening level of 9,380.87.
The cryptocurrency has seen further losses since the start of today’s trading, but it has so far managed to defend the $9,000 level. Having fallen to as low as $9,031.62 earlier in the session, the Bitcoin price is currently hovering around $9,100, according to data from cryptocurrency tracker Coinmarketcap.
In a recent interview with CNBC, Nick Colas, who is regarded as Wall Street’s first analyst to cover Bitcoin, argued that the most popular digital coins were losing their appeal.
“It has come down quite a long way, and we're getting a lot of people asking is now the right time to buy," said Colas, who is co-founder of DataTreck Research. “The short answer is no”.
Regarding Bitcoin’s rally to all-time highs in December, Colas said that "[i]t was absolutely a bubble based around the futures launch in December, and a lot of enthusiasm for the asset". He also noted that fewer people are currently interested in buying Bitcoin adding that the Google searches for the cryptocurrency are “85 to 90 percent” down from their December and January peaks. He also said that the crypto space had become a waiting game that could last three to five years.
In today’s trading, the Bitcoin price stood at $9,064.40, as of 09:07 BST. The cryptocurrency has lost 3.3% of its value in the last 24 hours.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.