Bitcoin Reaches A New Yearly Low At $3,200, Downward Trend Continues

The latest Bitcoin news on our DC Forecasts Bitcoin news site show that the large sell-off from the $3,400 region has pushed the Bitcoin price to a new bottom and a yearly low at $3,200. As the most dominant cryptocurrency declined in value, other major altcoins such as Ethereum, Stellar and Bitcoin Cash experienced large losses against the US dollar.

Bitcoin Cash (BCH) has even fallen by more than 11% recently and more than 80% in one month alone. Within a week, the BCH price has fallen from $116 to $89 in a 25% increase despite dropping nearly half of its value last week.

Bitcoin’s performance has been reviewed by many analysts so far. According to one of the most prominent ones called “The Crypto Dog” this may be a risky period to initiate trades on the short-term trend of the dominant cryptocurrency, mostly due to its volatility in a low price range.

As he wrote on Twitter:

“BTC lowest daily close year to date. Is there still a chance of recovery before more lows?
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Well, maybe. But I am not betting on it.”

Another analyst named DonAlt echoed a similar sentiment and said that until the price of Bitcoin breaks out of the resistance levels at $3,600 and $3,800, drops like this will be expected.

“Closed below the swing low – harsh rejection followed. There isn’t much support on the daily time frame still. So far prior support areas have flipped into resistance. Until that changes – stay away from longs,” he wrote.

So far, Bitcoin has been able to maintain a range of $3,000 to $4,000 for over three weeks, from November 24th. Until the asset begins to demonstrate signs of a multi-month consolidation period and a high level of stability, any form of a gradual recovery is unlikely to happen.

Bitcoin has recently consolidated from the yearly low of $3,200 and is now trading at $3,301.