Newsflash: Bitcoin Price Plummets to $3,755 to Set another Yearly Low

Josiah Wilmoth @Y3llowb1ackbird
November 24, 2018 21:51 UTC

The bitcoin price on Saturday dove below the $4,000 mark for the first time in 2018, forcing the flagship cryptocurrency to a new yearly low.

Technical analysts had predicted that further losses awaited bitcoin over the weekend, and those bearish forecasts were proven correct. After extending as high as $4,370 in the early morning hours, the bitcoin price spent the majority of the remainder of the day on a gradual decline.

BTC/USD | Coinbase

A gradual decline, that is, until around 21:10 UTC, when a surge in sell volume plunged bitcoin back toward $4,000, a mark it had successfully defended earlier in the week. Today, however, support faltered, and BTC/USD crashed through both $3,900 and $3,800 before reaching a new yearly low at $3,755 as of the time of writing.

Now that the market has proven unable to sustain the $4,000 level, many analysts have fingered $3,000 as BTC/USD’s next crucial support level. Genesis Capital CEO Michael Moro, for instance, had previously predicted that the bitcoin price would find a bottom near $3,000 before ultimately beginning the long grind back into bull territory.

Click here for a real-time bitcoin price chart.

Featured Image from Shutterstock. Charts from TradingView.

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Josiah Wilmoth @Y3llowb1ackbird

Josiah is the US Editor at CCN, where he focuses on financial markets. He has written over 2,000 articles since joining CCN in 2014. His work has also been featured on ZeroHedge, Yahoo Finance, and Investing.com. He lives in rural Virginia. Follow him on Twitter @y3llowb1ackbird or email him directly at josiah.wilmoth(at)ccn.com.