The last time Bitcoin (BTC) was this low was back in February of this year. The coin fell another 4.26% over the last 24 hours, after falling almost that much the day before.

Are we seeing a continual slide for Bitcoin or has it reached the bottom yet? The coin is definitely trading well below the expected lower level of its trading range. Analysts expected the coin to fall no lower than $60K, but that number was given as the lower trading range last week.

Now, the support level has been changed, and Bitcoin could drop much lower based on its current trajectory. We are seeing record price drops for the coin, with day-over-day declines that have not been seen for a while.

Bitcoin is at $57,646 (BTC/USD) and continues to suffer from the Mt. Gox bitcoin repayments, expected to account for millions of dollars going back into wallets. These repayments could continue for weeks, which could stretch out Bitcoin’s price decline much further.

Is There Any Good News?

As Bitcoin falls, the trade volume has shot up, climbing 44% this morning. Investors are buying into Bitcoin at its currently low price, which could pay off for them in a few months. We have not seen Bitcoin drop this low in months, which to many investors means that it should stabilize and climb in the near future.

Bitcoin could be due for a price correction soon, but that may only happen if the decline slows down. The market needs time to recover from this steep drop, and investors jumping in at the low rate could help that to happen.

Similar price drops are happening around the crypto market, and that indicates that Bitcoin is having a powerful effect on the rest of the market. The low prices could spur massive buying, though, with investors branching out to other cryptos that they usually do not touch.