Bitcoin’s (BTC) efforts to stage a recovery have failed, and the price of the largest cryptocurrency by market capitalization has now fallen to $89,000.
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The price of BTC is down 4% on Nov. 19 as the current correction in the crypto market becomes the worst since 2017. Bitcoin had staged a tentative recovery a day earlier, rising as high as $93,000 before breaking down and falling back below the key support level of $90,000.
Other cryptocurrencies are faring worse than Bitcoin, with Ethereum (ETH) down 7% on the day and trading below $3,000 for the first time in months. More speculative digital assets, such as Dogecoin (DOGE), are down as much as 10% on Nov. 19 as investors turn away from risk assets.
Bitcoin’s Worsening Outlook
BTC is now down more than 30% from an all-time high of $126,000 reached in early August of this year, and is firmly in a bear market. ETH is down more than 40% from the record high of just under $5,000 that it hit in August.
Analysts say that crypto prices look poised for further declines as investor sentiment toward the asset class remains negative. The continued slide in prices is hurting crypto-related stocks, with shares of Strategy (MSTR), BitMine (BMNR), and Circle Internet Group (CRCL) each down 8% to 9% on Nov. 19.
Is Bitcoin a Buy?
Most analysts don’t offer ratings or price targets on Bitcoin. So instead, we’ll look at the three-month performance of BTC. As one can see in the chart below, the price of Bitcoin has fallen 19.75% in the last 12 weeks.
