Investing.com - Bitcoin fell further below the $600-level on Monday, as a wave of technical selling kicked in after prices dropped below key support levels.
Bitcoin (BTC/USD) hit a session low of $576.12 on Slovenia-based BitStamp, the weakest level since June 27, before trimming losses to last trade at $584.90 during U.S. morning hours, down 1.35%, or $8.01.
The price of a Bitcoin on Bulgaria-based BTC-e shed 2.3%, or $13.46, to trade at $572.93. Prices fell to $564.79 earlier, the lowest since June 26.
According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency dropped 1.76% to trade at $580.57.
Bitcoin’s losses accelerated after prices broke firmly below their 200-day moving average close to the $590-level, triggering fresh sell orders amid bearish chart signals.
Over the past couple of weeks, the price of Bitcoin has remained relatively stable, with prices consolidating in a narrow range ever since after hitting a peak of $658.75 on July 1.
Bitcoin is digital cash and is not backed by a government or central bank to regulate or issue it. It can be used to purchase goods and services from stores and online retailers.