Bitcoin (BTC) still has the potential to drop towards $3,000, despite a minor bounce from 15-month lows seen on Friday.
The leading cryptocurrency by market value picked up a bid at $3,210 three days ago – a level last seen in September 2017. The ensuing corrective bounce, however, seems to have run out of steam, as bitcoin is currently trading at $3,470 on Bitstamp – down 4 percent from yesterday's high of $3,633.
It is worth noting that prices are currently down more than 80 percent from the record high of $20,000 reached last December. Further, it has depreciated close to 47 percent in the last four weeks, owing to which the technical indicators are reporting record oversold conditions.