Crypto Report for November 22

Did Bitcoin reach the bottom? The digital currency experienced a huge sell-off during the last two days. On Monday, it crossed the psychological level at $5,000, testing the ground below $4,300.  The analysts tell two main reasons for this slump. At first, the recent hard fork of Bitcoin Cash added uncertainties to the market. The hard fork happened due to the conflict resulted in the creation of two blockchains. This led to a creation of two different coins listed to various exchanges, which started to battle over the hash power. In addition, the recent US Securities and Exchange Commission comments against ICOs disappointed the investors. The regulator applied penalties against two cryptocurrency companies because they failed to register initial coin offerings as securities. It’s also worth to mention, that the risk-off sentiment across equity markets might contribute to the bitcoin losses.

What are the key levels? Yesterday’s slump created the support at 4,258, however, the bears could not pull the price further. Today’s gains increase the possibility of Bitcoin to stick above the resistance at the psychological level of 5,000. In case of more uncertainties, the digital currency will fall below $4,258

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