Bitcoin prices, which have been trading largely between $30,000 and $42,000 for close to two months, have been repeatedly testing the bottom of this range lately.
Earlier today, the world’s most prominent digital currency fell to as little as $30,426.88, according to CoinDesk data.
At this point, it was trading at its lowest since June 26, additional CoinDesk figures show.
[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’s Descending Triangle
Chuck Jones, a senior contributor for Forbes, wrote about the cryptocurrency’s recent price movements in an article published today, noting that bitcoin recently formed a descending triangle.
“The descending triangle is a bearish formation that usually forms during a downtrend as a continuation pattern,” according to StockCharts.com.
These formations are “bearish patterns that indicate distribution,” or selling of an asset.