The Bitcoin price (BTC/USD) has plunged to six-day low below $6,600 due to a sharp drop that occurred in today’s morning session.
The original cryptocurrency seemed relatively stable yesterday, comfortably holding above the $6,600 mark that had been reclaimed in the previous session. While the coin dropped to an intraday low of $6,606.94 in the afternoon, it managed to recoup most of its losses in late trading. Bitcoin finished the Tuesday session at $6,642.64, slightly down from its opening level of $6,653.08.
The coin’s defence of the $6,600 level was finally breached following a steep drop that occurred in today’s early trading. The Bitcoin price fell to a six-day low of $6,538.96, as a result of the drop. The coin has since edged higher and is currently trading at around $6,555, according to data from digital currency tracker Coinmarketcap.
With Bitcoin having been stuck in this tight range around $6,500 for weeks, some a growing number of financial institutions, believe that the coin is bound to have its next bull run sooner rather than later. However, a new study from Juniper offers a more sceptical view on the matter.
“[W]e do not believe a recovery to the levels witnessed in 2017 is likely …. Indeed, we would argue that further falls are highly probable,” Juniper researcher Windsor Holden said in the research, as quoted by CNBC.
Pointing to Bitcoin’s inability to make progress this year, despite the weakness of fiat currencies and the growing trade tensions between the US, China and European Union, Holden warned of a possible bleak outlook for Bitcoin and the larger cryptocurrency industry.
“If Bitcoin cannot make gains in such favourable circumstances, then it is unlikely to prosper as and when these issues are resolved,” Holden said. “We feel that the industry is on the brink of an implosion.”
In today’s trading, the Bitcoin price stood at $6,554.35, as of 09:56 BST. The digital coin has lost 1.2% in the past 24 hours.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.