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The decline in Bitcoin at the 13-month lows probably put the cryptocurrency on the path to record its worst monthly loss in 2018.
The main cryptocurrency is currently trading at around $ 4,700 – down about 26% from the monthly opening price of $ 6,320 – according to CoinDesk's market data.
As of now, November is the second worst month of 2018, the first being March with a price drop of 32%. November, however, would take first place if prices were to be accepted below $ 4,200, pushing the monthly loss above 32%.
In fact, BTC could regain some balance over the next ten days, as the historical minimum on the 14-day relative strength (RSI) index is signaling extreme oversold conditions. In that case, November could become the second worst month of the year or even slide lower. However, a monthly loss seems like a rally made deal of up to $ 6,320 is unlikely to happen in the short term.
This is because the pressures of demand may have weakened significantly in recent days.
In addition, a significant majority expected that BTC would halt its prolonged consolidation period with a bullish breakout. The cryptocurrency, however, fell below $ 6,000 – a level where prices had presumably dug into a long-term fund – trapping many on the wrong side of the market.
November Performance of Bitcoin
As seen above, BTC has achieved gains in November over the past six years, including a 53.8% gain last year that saw the 2017 upward rush accelerate with the approach of 2018. As data indicate , that series of victories is scheduled to end this year.
Revelation: The author does not hold cryptocurrency assets at the time of writing.
boat, sink image via Shutterstock;
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