Bitcoin back to lowest since November

(Boursier.com) — Bitcoin is also losing ground at the start of the week, at its lowest level since November. The most popular cryptocurrency lost 3.7% Monday afternoon to $91,813 on the CoinDesk platform, far from its record of $108,316 in December, suffering like other risky assets from tensions on bond rates.

After better-than-expected US employment data on Friday, the hypothesis that the Federal Reserve will reduce its interest rates is weakened. “The start of the new year has not been easy for the cryptocurrency market,” comments Alex Kuptsikevich, chief market analyst at FxPro.

According to him, “the uneasiness is aggravated by the fact that the bullish momentum of last week failed to develop, only attracting sellers.” The next low for bitcoin could be around $88,000, if bearish sentiment prevails, says Alex Kuptsikevich, with also the possibility of a rapid decline to around $74,000.