Tags: bitcoin | price | cryptocurrency

Bitcoin Plunges Below $6,000, Drops to Lowest in More Than Year

close up of bitcoin on the motherboard.
(Jan Lievens/Dreamstime)

Wednesday, 14 November 2018 01:05 PM EST

Bitcoin fell to a more than one-year low on Wednesday, falling below a key support level of $6,000, with traders and analysts unclear on what caused the sudden drop in price.

"The market had been entering a wedge, with the volatility so low," said Charlie Hayter, founder of industry website Cryptocompare in London, referring a technical chart pattern.

"What you are seeing low is a breakout on the downside. Sometimes when things happen, it takes a while for the true reason to become clear - an exchange trade or regulatory action."

Bitcoin fell to as low as $5,534. The $6,000 level was a key support level for bitcoin for some time. It was last down 11 percent at $5,571.61. 

© 2024 Thomson/Reuters. All rights reserved.


Markets
Bitcoin fell to a more than one-year low on Wednesday, falling below a key support level of $6,000, with traders and analysts unclear on what caused the sudden drop in price.
bitcoin, price, cryptocurrency
119
2018-05-14
Wednesday, 14 November 2018 01:05 PM
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