Monday Massacre: Bitcoin Price Dives Below $5,000 as Support Levels Falter
The bitcoin price kicked off this week on a depressive note, extending its current bearish bias to another low level.
The BTC/USD index fell from 5502-fiat to 4886-fiat on Monday, recording more than 11 percent in losses. The price action bled through crucial support levels that had a history of reversing bearish trends. It confirmed how investors are looking to take a break from cryptos until its political scenario improves. The recent Bitcoin Cash hard fork has set the market on fire, with big mining pools jockeying to decide the fate of the BCH protocol. An average retail investor should not want to wait through the storm and watch his investments dry out.
Mainstream media also has a role to play in distributing the negative event in its true colors. A report from Bloomberg published recently predicted that bitcoin would bottom out near $1,500. Bitcoin bull Tom Lee also slashed his longstanding year-end $25,000 prediction for bitcoin by a whopping 40 percent.