Bitcoin’s drop to 13-month lows has likely put the cryptocurrency on the path to post its worst monthly loss of 2018.

The leading cryptocurrency is currently trading at roughly $4,700 – down roughly 26 percent from the monthly opening price of $6,320 – according to CoinDesk market data.

As of now, November is the second-worst month of 2018, the first being March with a 32 percent price drop. November, however, would take the top spot if prices find acceptance below $4,200, pushing the monthly loss above 32 percent.

Indeed, BTC could regain some poise in the next ten days, as the record low on the 14-day relative strength index (RSI) is signaling extreme oversold conditions. In that case, November may become the second-worst month of the year or may even slip lower. However, a monthly loss looks like a done deal as a rally all the way back to $6,320 is unlikely to happen in the near-term.

This is because the demand side pressures may have weakened significantly in the last few days.

Moreover, a significant majority was expecting BTC to end its prolonged period of consolidation with a bullish breakout. The cryptocurrency, however, fell below $6,000 –  a level where prices had supposedly carved out a long-term bottom – trapping many on the wrong side of the market.

Bitcoin November performance

As seen above, BTC scored gains in November in the last six years, including a 53.8 percent gain last year that saw the 2017 bull run accelerating as 2018 approached. As the data indicates, that winning streak is on pace to end this year.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

 boat, sink image via Shutterstock; 

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This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.