The price of bitcoin on the Coinbase exchange has reached a new 2018 low of $5825. For the day the price is currently down -$303 at $5830 - just off the low. Bitcoin’s low had previously been set at $5,947 on February 6th, according to Coindesk’s price index, in the midst of a sharp dip. But the current bear trend, a slower grind driven by global regulatory scrutiny, allegations of market manipulation, and battered investor sentiment, may prove more sustained — despite a bounce that followed the new low.

Sunday’s low marked a more than 70% decline in the value of Bitcoin since December of 2017 when the digital token’s value stopped just short of $20,000. Fortune and other observers were quick to call a bubble in the months and weeks leading up to that peak, as retail investors new to digital assets class piled in, afraid to miss out on a boom. A move above the 38.2% of the last move down at $6208 (currently) is a step in a more bullish direction. Ultimately a move above the 100 and 200 hour MAs (now moving lower), would be needed to give buyers/longs a reason to feel some of the selling pressure is over, but the price would have to stay above those MAs. Needless, to say, since the peak near $20,000, the rallies have seen pockets of strength, but those corrective moves fade away. Bitcoin’s decline has also been followed in near-lockstep by the hundreds of derivative cryptocurrencies and blockchain tokens, including Ethereum and Litecoin. That uniformity of market movement, with individual technical or business accomplishments failing to decouple blockchain projects’ token prices, is another sign of just how nascent the market is.