Bitcoin Bear Market: When Will the Crypto Find a Floor?
At a 16.77% loss for November, returns are in line with 16.23% loss in November 2022, following the FTX exchange disaster. Yet, no event of that magnitude occurred this year. In fact, Bitcoin’s price crash cannot be pinned down to any specific event related to the crypto sector.
Nearly two months ago, on October 6th, BTC price reached an all-time high of $126,198, only to topple to $82k by November 21st, a bottom last seen in early April this year. In other words, Bitcoin suffered its 13th death cross since 2011.
At that time a week ago, we posited that Bitcoin could regain its footing above the $90k resistance zone, a level now being tested as Bitcoin gained 5.5% over the week to the current price of $91,464. Making it one of the…
