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Bitcoin Suffered Another Decline Today, Dropped Below $7,000

Bitcoin suffered another decline today, dropped below $7000 @enatdigitalbiz

  • Is Bitcoin oversold after its latest drop?
  • Looking at RSI metrics, I would not say we triggered an oversold situation said, John Todaro
  • Bitcoin is currently approaching the oversold threshold said Joe Dipasquale
The leading Coin in Cryptocurrency family Bitcoin suffered a decline again today Dec. 17, 2019, reached as little as $6,880.90. as at the time of this write-up, its lowest since late November.

CoinDesk data reveals that the cryptocurrency was down more than 50% from its 2019 high of $13,879.21 reached in June.

According to Forbes, Bitcoin has been following a steady, downward trend for months, during which it has been "trading in a descending channel," noted Tim Enneking, managing director of Digital Capital Management.

After bitcoin latest dropped, the question been asked is "has the world's most prominent digital currency "Bitcoin" entered oversold territory?

Several analysts offered their points of view:

John Todaro, Director of digital currency research for TradeBlock, said "Looking at RSI metrics, I would not say we triggered an oversold situation," referring to the relative strength index, an indicator used to determine whether an asset is either overbought or oversold.

Also, Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital, offered a similar perspective, stating that "bitcoin is currently, stating that "bitcoin is currently approaching the oversold threshold."

The analysts have given their opinion that Bitcoin has not hit bottom out. "It's quite clear that BTC has not put in a bottom yet," said Enneking.

"The price has been in a descending corridor since the crazy 42% increase in late October," he said.

"The prior low, around $6.6k, is almost certainly not going to hold (i.e no double bottom) as the market is very weak in terms of recovery from that level and volume." 

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