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Bitcoin Market Remains Bearish


Bitcoin is continuing its downward trend and looks set to touch the $6,000 mark some time this week as investors see no reason to stop overselling.

Bitcoin (BTC) price hit a three-week low of $6,191 on Wednesday after falling for the third straight day this week.

The most popular cryptocurrency began trading on Thursday at $6311 - down 26 percent from the July 24 high of $8,507. And as the trading progressed, the soft coin began to shed weight marginally. BTC was last seen trading at $6,258, the day's lowest price. That means Bitcoin lost its value by nearly 4 percent, or $250, in a 24-hour space.

It adds to a total of more than 17 percent value depreciation, or $1290, since last week.

Experts see no possibility for the bulls to make a strong comeback in the short-term; at the same time, the technical charts indicate that the bitcoin market is nearing oversold conditions.

All major cryptocurrencies suffered on Wednesday, when their total market capitalization fell to its lowest point in 2018.

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