The Bitcoin price (BTC/USD) has dropped below the $6,500 mark amid a downward trend felt across the broader digital currency market.
The original cryptocurrency had an encouraging start to yesterday’s session, as it managed to reclaim the $6,600 level in early trading. The digital coin rose to as high as $6,611.84 during the morning session, but its tentative rally proved to be also a short-lived one. After reaching its intraday peak, the Bitcoin price returned to sub-$6,600 levels and continued on a downward trajectory that resulted in a low of $6,537.90. The coin saw a slight uptick in the final hours of the session, but it wasn’t enough to erase its losses for the day. Bitcoin finished the day at $6,556.10, down from its opening level of $6,593.24.
The virtual currency has seen further losses in today’s morning trading, falling below the $6,500 mark for the first time in six days. At the time of writing, the Bitcoin price was hovering around $6,465, according to data from digital currency tracker Coinmarketcap.
Bitcoin’s decline appears to be part of a larger downtrend affecting most digital currencies. Major altcoins, such as Ethereum (ETH), Ripple (XRP) and Bitcoin Cash (BCH) has suffered significant losses over the past 24 hours.
Fundstrat Global Advisors technical analyst Rob Sluymer said in a recent note to clients that most cryptocurrencies would likely need several months to repair the technical damage sustained in the year so far. In the case of Bitcoin, the first step would be for the coin to recapture its September high of above $7,400, the analyst added.
In today’s trading, the Bitcoin price stood at $6,466.45, as of 09:22 BST. The digital coin has lost 1.8% of its value in the past 24 hours. Is total market cap currently stands at $111.89 billion, which represents 52.1% of the combined value of all digital coins.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.