Blockchain

Bitcoin falls to a 1-month low after a 6% dive drops BTC price to $56.6K

A snowball effect knocks BTC price through key support levels after today’s 6% drop sends Bitcoin to its lowest levels since mid October.

Bitcoin (BTC) fell through key support levels on Nov. 18 in a fresh test of bulls’ resolve.

Bitcoin falls to a 1-month low after a 6% dive drops BTC price to $56.6K

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

“Strong market-wide selling” hits

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD abandoning the $58,400 support after multiple retests in previous days and at the time of writing, Bitcoin is trading at $57,800.

Despite high volatility and challenging the $60,000 mark, within the past hour the price fell as low as $57,200 — its lowest since Oct. 15.

“Strong market-wide selling is going on,” trader and analyst Rekt Capital wrote in his latest Twitter update.

Bitcoin’s illiquid supply copied the mood, rising significantly as prices fell in a sign of strong buyer interest throughout this week.

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