On November 25th, 2019 between 04:50 UTC and 04:50 UTC, Bitcoin fell to below $6,700. This price level was last witnessed in May 2019, 10th to be precise.
According to data from CryptoCompare, over the weekend, the price of Bitcoin moved in the range $7,227 and $6,914.
By 04:50 UTC, the Bitcoin price dropped to $6,686. At the time of writing, Bitcoin (BTC) is trading at $6,791 and the market cap for Bitcoin is currently down to $120 billion for a loss of almost $33 billion in the past week.
It is worth noting that for the year-to-date (YTC) period, the Bitcoin price has changed +69.38% versus the U.S. dollar.
On Twitter, crypto analyst and trader Alex Krüger said that the Bitcoin price is not affected by macro variables unlike what many people seem to believe.
“Remember how the Fed “printing money” was supposed to make bitcoin prices explode higher?
Quantitative easing is rocket fuel!
Fantastic narrative.$BTC is down 30% since the Fed started expanding its balance sheet in August. Big facts. pic.twitter.com/byhWrdslGG “
Alex continued thus:
“Added liquidity can only help price, but $BTC doesn’t respond to macro variables.
It is such an illiquid/fragmented market that in the absence of mass influx of new buyers, actions of a few determine direction. Micro, not macro.
Only narrative still standing is the halving/s2f.”