Bitcoin slipped below $7,000 to its lowest level in three weeks on Monday, dragging down some of the other large digital tokens in its wake.
The biggest cryptocurrency fell as much as 6 percent to trade with a $6,000-handle for the first time since July 17. Last month’s renewed exuberance, which saw it rise by almost a third, appears to be fading against the backdrop of a challenging technical picture. A series of lower-highs show how rallies have repeatedly failed to build momentum.
“Bitcoin and the cryptocurrency market appear quite vulnerable early in August,” Bloomberg Intelligence analysts Mike McGlone and Eric Balchunas wrote in a note Monday. “Supply, demand and price indications remain negative.”
Bitcoin rivals including Ethereum, Litecoin and Ripple also retreated on Monday.