Bitcoin slipped below $ 7,000 at the lowest level in three weeks on Monday, dragging down some of the other big digital tokens.
The largest cryptocurrency has fallen 6% to trade for a $ 6,000-handle for the first time since 17 July. The renewed exuberance of the last month, which saw it increase by almost a third, seems to vanish against the background of a challenging technical framework. A series of lower peaks show how the rallies have repeatedly failed to create momentum.
"Bitcoin and the cryptocurrency market look quite vulnerable at the beginning of August," wrote Bloomberg Intelligence analysts Mike McGlone and Eric Balchunas in a statement. "The indications on supply, demand and price remain negative."
Bitcoin rivals, including Ethereum, Litecoin and Ripple, also retired.