Bitcoin Facing the Worst Week in the Last Six Months

Bitcoin traded as low as $55,980. This is its lowest since mid-October and 20% below last week’s price. Ethereum and Dogecoin traded at about $4,160 and $0.22, respectively. This is the lowest Bitcoin has been in the last six months.

Traders have taken profits, but the prices continue to drop as the whole cryptocurrency market follows Bitcoin.

The Reasons Behind the Drop

One of the reasons behind the drop could be the expectations that creditors of crypto exchange Mt.Gox might liquidate their payments.

The overall mood on the market has been cautious, driven by the recent news and concerns about economic growth, interest rates, and inflation.

All top 10 tokens are also dropping in prices as additional concerns loom over the US taxation laws and China’s crackdown. The US legislation might soon have a drastic effect on the investors.

Experts say this pullback invites investors to buy the dips and wait for the market to recover. The key support is around $59,862 and $57,371.

On the other hand, the Bitcoin mining hashrate that was hit by China’s decision to leave the market has recovered.

Still, Ethereum’s analysis shows that this coin might drop even further. Investors are eager to see the market recover.