Investing.com - Bitcoin prices traded near a one-month low on Wednesday, as investors were hesitant to buy into the market amid bearish chart signals.
BTC/USD fell to a session low of $571.00 on Slovenia-based BitStamp, before trimming losses to last trade at $572.01 during U.S. morning hours, down 1.49%, or $8.68. Bitcoin prices slumped to a one-month low of $570.50 on July 28.
Elsewhere, the price of a Bitcoin on Bulgaria-based BTC-e dropped 1.64%, or $9.49, to trade at $570.04. Prices fell to a one-month low of $562.00 on July 28.
According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency lost 1.43% to trade at $573.87.
Sentiment remained shaky as prices of the virtual currency held below the key psychological $600-level.
A wave of technical selling kicked in earlier in the week after prices dropped below key support levels, triggering fresh sell orders amid bearish chart signals.
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.