Bitcoin prices suffered further bloodshed Thursday night, falling below $3,300 and hitting a fresh, 2o18 low.
The digital currency declined to as little as $3,293.31, according to CoinDesk bitcoin price data.
At this point, the cryptocurrency was down roughly 11% in the last 24 hours and approximately 83% from its all-time high of nearly $20,000, additional CoinDesk figures reveal.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
Bitcoin has been suffering a sustained bear market, losing more than three-quarters of its value after experiencing astronomical gains in 2017.
When explaining the digital currency’s recent weakness, several analysts have pointed to technical analysis, emphasizing that bitcoin has suffered notable losses after falling through key support levels.
After managing to stay north of $6,000 for close to a year, bitcoin fell through this crucial level, setting up further losses as the decline triggered sell orders.
Falling through this level was a “major event” for bitcoin, stated Jon Pearlstone, publisher of the newsletter CryptoPatterns.
“Sometimes, dramatic drops can be a sign of a ‘stop loss run’ to shake out weak hands,” he noted, emphasizing how sharp declines can force the execution of stop-loss orders.
Whether bitcoin has bottomed out or has more losses coming remains to be seen.
Disclosure: I own some bitcoin, bitcoin cash and ether.