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Bitcoin Price

Bitcoin price is tumbling further today, dashing any hopes of a rally that some felt was certain thanks to current extreme oversold conditions.

The world’s largest coin by market cap is currently selling for $3,301.60 USD according to coinmarketcap.com.[1] But earlier today, it fell to $3,200, representing a 15-month low for Bitcoin and not helping bulls’ hopes for a revival.

This is the lowest level since September 2017.

Bitcoin Price Drop

In the last four weeks alone[2], Bitcoin has dropped 49% in price. Surely, sellers are exhausted, and Bitcoin is set to turn around. Earlier this week, BTC began moving upwards towards $3,633, but it did not last. The coin’s failure to produce a worthy bounce back despite being extremely oversold indicates that the bears are winning this war and negative sentiment is strong. A 200-week moving average support of $3,170 has been established and now heading below it may be a real possibility for Bitcoin.


Others Follow

Across the market[3], the sentiment is once again bearish. Bitcoin Cash’s recent forks Bitcoin SV and Bitcoin Cash are both two of the biggest losers, with declines of approximately 11% and 14% respectively.

It seems the hashrate war between these two coins is doing neither of them any favors. The hard fork happened on November 15th[4], and the contentious split has caused both coins to lose more than they have gained.

Elsewhere, Stellar is down 7.5%, and EOS is down 5%. Ethereum is down 4.5%.

>> You Can Earn Bitcoin (BTC) While Shopping with the Lolli App[5]

Sell-Off

What’s causing the market-wide sell-off?

Notably, investors are worried over the fate of a Bitcoin ETF[6]

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