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Bitcoin may be headed for further downside after losing more than 40% since mid-February. (Photo by ... [+] INA FASSBENDER / AFP) (Photo by INA FASSBENDER/AFP via Getty Images)

Bitcoin, which is down more than 40% from mid-February, is still following a downward trend, and could suffer additional losses, according to several analysts.

The digital currency fell to as little as $6,159.58 today, according to CoinDesk data.

At this point, it had declined roughly 5% over the last 24 hours and nearly 42% from its recent high of approximately $10,600 reached on February 14th, additional CoinDesk figures show.

[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]

The digital assets most recent losses were technical in nature as it attempted to consolidate above $6,000, said Joe DiPasquale, CEO of cryptocurrency hedge fund managerBitBull Capital,

The zone between $6,000 and $6,200 is keeping the price afloat over the last few days, he noted.

However, DiPasquale added that a death cross (opposite of a golden cross) formed on the charts on March 29, as the 50-day moving average fell below the 150-day moving average.

As a result, the digital currency could easily suffer additional losses unless bullish factors bolster bitcoins price.

Kiana Danial, CEO ofInvest Diva, offered a similar assessment, emphasizing the Ichimoku Cloud, a group of technical indicators that can be used to get a better sense of an assets current trend.

On the 4-hour chart, BTC/USD has crossed below the Ichimoku cloud which is certainly a bearish signal and could take Bitcoin to the 38% and 50% Fibonacci retracement levels of $5,898 and $5,623 respectively, she stated.

Jon Pearlstone, publisher of the newsletterCryptoPatterns,also provided a bearish take, emphasizing that bitcoin could suffer some notable losses going forward.

Unless the digital currency recovers $7500 and $8400 in the near term, it will retest $5,000 and then probably fall to recent crash lows, he predicted.

Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether and EOS.

The rest is here:
Bitcoin Stuck In Bearish Trend As The New Month Begins - Forbes