![\"Bitcoin](\"https:\/\/mybroadband.co.za\/news\/wp-content\/uploads\/2019\/12\/Bitcoin-Breakdown.jpg\")
<\/a><\/p>\nBitcoin dropped below $7,000 for the first time since November, with the sell-off pushing the cryptocurrency to its lowest level since May.<\/p>\n
The $6,500 level — which the coin reached at the end of November — is its next support line. Should it drop below that amount, it could tumble to $4,000, a level not seen since March, technical gauges suggest.<\/p>\n
\u201cThere is no question that its series of lower highs\/lows over the past six months has not been good,\u201d said Matt Maley, an equity strategist at Miller Tabak & Co. \u201cOn the fundamental side of things, I do think Bitcoin is viable, but it\u2019s going to take a lot longer than most people think to gain traction.\u201d<\/p>\n
Cryptocurrencies have been under pressure in recent months as China take steps to crack down on the space. In June, Chinese authorities arrested multiple suspects in a pyramid scheme that promised returns as high as 600%. Last month, watchdogs in Shanghai issued notices calling for a cleanup of companies involved in cryptocurrency trading.<\/p>\n
Although Bitcoin hovered around $7,200 and $7,400 for much of December, its losses accelerated on Monday after Chainalysis Inc., a researcher, said the coin is likely to remain under pressure as perpetrators of a $2 billion theft continue to dump coins to cash out.<\/p>\n
Bitcoin fell as much as 5.7% to trade around $6,885 in New York. The Bloomberg Galaxy Crypto Index, which tracks some of the major cryptocurrencies, fell as much as 7.9%.<\/p>\n
Bitcoin dropped below $7,000 for the first time since November, with the sell-off pushing the cryptocurrency to its lowest level since May.<\/p>\n","protected":false},"author":341034,"featured_media":249489,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[44696],"tags":[187,191,12407],"class_list":["post-332968","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-bitcoin","tag-cryptocurrency","tag-price"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/332968"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/341034"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=332968"}],"version-history":[{"count":0,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/332968\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/249489"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=332968"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=332968"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=332968"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}<\/a><\/p>\nNow read: Bitcoin in wait-and-see mode<\/a><\/h3>\n","protected":false},"excerpt":{"rendered":"