Intense Selling Pressure Pushes Bitcoin Price Below $6,700

Siamak Masnavi

On Monday (November 25), between 04:50 UTC and 04:50 UTC, Bitcoin fell to below $6,700, a level last seen on 10 May 2019.

According to data from CryptoCompare, over the weekend, the price of Bitcoin moved in the range $7,227 and $6,914, i.e. there was a drop of 4.3%.

By 04:50 UTC, the Bitcoin price had dropped even further to $6,686.

At the time of writing, Bitcoin is trading at $6,618, down 8.22% in the past 24-hour period.

BTC-USD 24 Hour Chart on 25 Nov 2019 .png

The market cap for Bitcoin is currently down to $120 billion for a loss of almost $33 billion in the past week.

Although watching the price of Bitcoin go down like can be disheartening for some/most BTC holders, it is worth keeping in mind that for the year-to-date (YTC) period, the Bitcoin price has changed +69.38% versus the U.S. dollar.

Over on Twitter, prominent economist and crypto analyst/trader Alex Krüger reminded everyone that the Bitcoin price is not affected by macro variables unlike what many people seem to believe:

Yesterday (November 24), Jameson Lopp, who is the CTO at Bitcoin security startup Casa, found an interesting and concise way to explain why everyone should own some Bitcoin:

 

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