Bitcoin’s (BTC) recent drop to 14-month lows has left the cryptocurrency on track for its biggest ever yearly loss.
Just three weeks ago, the cryptocurrency was changing hands at $6,300 – already a 54 percent year-to-date drop, according to CoinDesk’s Bitcoin Price Index (BPI). The dominant market narrative back then was that BTC would trim losses in the last few weeks of 2018, having bottomed out around $6,000 in five months to October.
However, on Nov. 14, BTC nosedived below the crucial 21-month exponential moving average (EMA) support, signaling a resumption of the sell-off from the record high of $20,000 reached last December. As a result, prices ultimately dropped to 14-month lows below $3,500 on Nov. 25 before regaining some poise.
With the bears still keeping the upper hand, a significant recovery from current levels appears unlikely before year’s end, and BTC looks set to snap its three-year winning streak with a 73 percent annual price drop – its biggest on record.
https://www.coindesk.com/bitcoin-faces-biggest-yearly-price-loss-on-record
Topic: Bitcoin Price On Track for Biggest Yearly Loss on Record (Read 105 times)
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