Bitcoin Prices Fall to Their Lowest Level Since Mid-October as Technical Indicators Signal Weakness

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I am a financial writer/editor who focuses on investing.

After bitcoin dropped to its lowest level since mid-October, technical analysts were on hand. (Photo .

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Bitcoin prices have fallen to their lowest in over a month.This happened at a moment when technical indicators indicate that the digital currency may be headed for further losses.

 

The most popular cryptocurrency in the world dropped to $56,668.50 today, coinDesk data shows.

It had already lost 18% of its value, having reached an all-time high near $69,000 earlier in the month. It was also trading at a minimum since October 13.

After this downturn, the digital asset had a market value of approximately $58,000.

[Ed Note: Investing crypto coins and tokens is highly risky as the market is not regulated. It is possible to lose all of your investment.

The Bitcoin price has been showing some weakness in recent months, according to several market observers.

“Bitcoin trades sideways in the $55,000-65,000 price ranges,” stated John Iadeluca founder & CEO multi-strategy hedge fund Banz Kapital.

 

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