Bitcoin (BTC) dropped to within $15 of $6,500 on Nov. 25 after another day of significant losses obliterated previous support levels.
Cryptocurrency market daily overview. Source: Coin360
Bitcoin comes within an inch of $6,500
Data from Coin360 shows BTC/USD bouncing off the significant $6,500 barrier, having fallen 7% in the past 24 hours.
The cryptocurrency’s weekly downturn currently stands at more than 20% versus the same point last week, while monthly, investors have taken a 30% hit on holdings.
Bitcoin seven-day price chart. Source: Coin360
As Cointelegraph reported, current moves are essential in deciding whether bulls have a chance of preserving influence. If not, little remains in the way of Bitcoin dropping as low as $2,500.
Commentators will be keenly eyeing $6,500 in particular, as this figure represents the assumed cut-off point for miner profitability. Previously, analysts had claimed miners would defend that price should Bitcoin fall within its range.
At press time, that theory appeared to hold, with an upwards reversal taking Bitcoin to $6,700.
As an indicator of sentiment among professional traders, regular Cointelegraph contributor Michaël van de Poppe said that longer-term, Bitcoin still remained a firm best choice.
“Whatever movements there are now (whether we go back to $7,800 prior to any further downwards movements), I do believe that the asset $BTC is one of the few bullish assets macro wise for the coming years,” he said in his latest Twitter update late on Sunday.
Van de Poppe added he would remain satisfied if markets bottomed in the low $6,000 range.
Elsewhere, theories explaining Bitcoin’s loss of momentum ranged from the commonplace China exchange crackdown to one involving the United States. As Adamant Capital founder Tuur Demeester noted, U.S. investors could be deliberately forcing the market lower in order to record negative performance for their end-of-year tax obligations.
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