The month of November has seen new lows in the prices of Bitcoin and majority of the cryptocurrencies. The bearish trend prevailed throughout the month, even when it looked as if Bulls would be able to take over just in time. Bitcoin prices dropped by a massive 36%, currently trading at $3,973.
Bitcoin started the month at $6,318 trying to breach the $6,500 mark and gain some momentum coming to November. However, on the back of the high trading volume, the market seems to capitulate. The month of November saw a jump of 33% in trading volumes estimated at a whopping $158.48 Billion.
November saw many unprecedented trends in the crypto trade market. The bulls which always held a steady hand brought the prices down to a 14 month low of under $3,500 — the prices at the start of the month were already down by 70% when compared to the all-time high of $20,000 in December last year.
The failure of the Bulls to provide a halt to the bearish trends was quite visible from the selling spree among the investors. Towards the end of the month and in last week, the Bitcoin price showed some resistance coming out of the yearly low mark.
Experts believe that to start an upward stream; Bitcoin needs to break the EMA mark of $5,977 in coming days. However, for the time being, traders are looking at the resistance mark of $3,771 after it failed to maintain the top neckline support of $4,120, thus neutralizing the Bull effect which took it out from the lows of $3,500.
If the next resistance mark of $3,771 gets broken, then the market could see another low of the year within no time. On the other hand, if the Bitcoin can breach the upper support mark of $4,250, we would be able to touch the $5,000 mark.
The current state of things might not look encouraging, for the time being. However, it’s quite early to write off Bitcoin, the biggest cryptocurrency in market capitalization. Traders, investors and crypto enthusiast must be hoping for the markets pick some pace upwards as it did in December last year as well. The highest price of $20,000 was attained after a phenomenal rise in the last month of 2017.