Bitcoin November Report: Biggest Monthly Decline Since August 2011
Bitcoin experienced its worst monthly performance for seven years in November, sliding by 37 percent. The top-ranked cryptocurrency is also at its lowest price level since the end of September 2017.
Bitcoin Dropped Almost 38 Percent in November
On Friday, BTC fell below $4,000 again, ending trading for November at $3,900. Friday’s fall meant the top-ranked cryptocurrency fell by about 38 percent, having entered the month at $6,300.
This monthly decline is the highest since August 2011. At that time, BTC fell by almost 40 percent from $11.40 to $8.20.
For half of the November, BTC remained at circa $6,300. However, on the 14th, it dropped spectacularly to $5,500. In little time, BTC fell below both the $5,000 and $4,000 price levels. Some commentators immediately identified $3,500 and $3,000 as crucial resistance levels.
BTC did experience a couple of price bounces upon testing $3,500. As at the time of writing this article, Bitcoin is back above $4,000. Having resisted a push…
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