The Bitcoin price (BTC/USD) has hit a new 2018 low after experiencing heavy losses during the most recent 24-hour period.
The original cryptocurrency suffered significant losses on Thursday, even though it enjoyed some positive action in early trading. Having opened at $3,754.07, the digital coin experienced a mild uptick during the morning session, rising to an intraday high of $3,874.97. The situation changed in the afternoon, when the coin saw a gradual decline that erased it earlier progress. The decline accelerated in the final hours of the session, causing Bitcoin to close at an intraday low of $3,521.10.
Bitcoin saw further losses in the early hours of today’s trading, with its price hitting a new 2018 low of $3,379.96 as a result. The coin has since been trading in a tight range around the $3,400 mark. At the time of writing, the Bitcoin price was hovering around $3,410, according to data from digital currency tracker Coinmarketcap.
Industry website Coindesk yesterday reported that the number of BTC/USD short positions on the cryptocurrency exchange Bitfinex reached 37,891, which was the highest level since October 15. The number of short positions had risen by 95% in the last three weeks, the website noted.
The data shows that the bearish sentiment remains strong despite the fact that Bitcoin has lost over 80% of its value in just under a year. On a more positive note, Coindesk also noted that the bearish sentiment could soon reach extreme levels, which “is widely considered a sign that the sell-off is overdone and often presages a trend reversal”.
In today’s trading, the Bitcoin price stood at $3,410.82, as of 09:38 GMT. The digital coin has lost 11.5% of its value in the past 24 hours, Coinmarketcap data shows. The coin’s total market cap currently stands at $59.3 billion, which represents 55.2% of the combined value of all digital coins.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.