August 25, 2019, 6:30


How Low Can It Go? Bitcoin Drops to 13-Month Low

How Low Can It Go? Bitcoin Drops to 13-Month Low

The price of bitcoin sunk to a 13-month low of $5,141 on Monday, sustaining an 8 percent daily drop less than a week after the price dropped 15 percent in one day.

According to CoinMarketCap data, the average price of a single bitcoin around the world on Monday hovered around $5,141.92 as of time of writing. Bitcoin hasn’t fallen to this level since October 18, 2017, a report by CoinDesk noted.

On November 15, Bitcoin plummeted from $6,300 to around $5,500, according to CoinMarketCap.

If buying pressure remains low, and sellers retain control in the bear market — and there’s few signs of a reversal into a bull market — the next major support level “is seen around $4,100,” CoinDesk reported Monday.

Technical indicators paint a grim picture for bitcoin’s future in the near term. The 14-week relative strength index has dropped to 37.00, according to CoinDesk, which is means there is still room for a “deeper sell-off,” according to the report.

From a psychological perspective, falling below $5,000 would point to a continuation of the current market slump.

On a curious note, while bitcoin has fallen some $14,000 since its late-December 2017 high just below the $20,000 mark, the current price, around $5,000, is still roughly five times higher than January 2017 levels of around $1,000.

Further, CoinDesk reports that if Bitcoin is able to move above the $6,000 level, it would “invalidate the bearish setup” that’s currently in play. 

Across the board, the market cap for cryptoassets was $168 billion on Monday, according to CoinMarketCap data. Of the top 20 cryptos on CoinMarketCap, the prices of Zcash, Tezos, Ethereum Classic, Neo, Binance Coin, Dash, Tron, Monero, Cardano, Litecoin, EOS, and Ethereum all decreased by more than 10 percent over the past 24 hours.

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