Even as it entered a new week, Bitcoin (BTC) continued its downward trend and hit a monthly low of $7,176 Monday. This is the lowest price quoted for Bitcoin since Aprl 12.
The most popular cryptocurrency breached the 50-week moving average (MA) support for the first time since 2015.
Bitcoin, which has been losing its weight in consecutive days for the entire last week, opened at $7,344 on Coindesk Monday before trading at a lower rate.
However, it regained some lost value later in the day.
It was a dramatic decline of over 16 percent from last Monday's high of $8,644.
A bearish continuation pattern indicates the sell-off has resumed, and points to the possibility of extending the slide further to $7,000 and beyond.
The latest phase of Bitcoin's bullish-to-bearish trend change started early this month after the price almost touched the $10,000 mark on May 6.
Bitcoin suffered a decline of around 35 percent over the last 30 days.
Meanwhile, all other major cryptocurrencies are in the red on the first day of the week.
by Joji Xavier
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