Bitcoin Price On Track for Biggest Yearly Loss on Record

Bitcoin‘s (BTC) recent drop to 14-month lows has left the cryptocurrency on track for its biggest ever yearly loss.

Just three weeks ago, the cryptocurrency was changing hands at $6,300 – already a 54 percent year-to-date drop, according to CoinDesk’s Bitcoin Price Index (BPI). The dominant market narrative back then was that BTC would trim losses in the last few weeks of 2018, having bottomed out around $6,000 in five months to October.

However, on Nov. 14, BTC nosedived below the crucial 21-month exponential moving average (EMA) support, signaling a resumption of the sell-off from the record high of $20,000 reached last December. As a result, prices ultimately dropped to 14-month lows below $3,500 on Nov. 25 before regaining some poise.

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