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Bitcoin price TODAY: Bitcoin confirms THREE MONTH losing streak
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Bitcoin price TODAY: Bitcoin confirms THREE MONTH losing streak

Bitcoin is valued at $6320.51 (£4,877) at 3:45pm today (November 1) according to CoinDesk.com.

There are however there is some cause for optimism this month despite the three-month fall

The cryptocurrency closed yesterday (October 31) down 4.32 percent from the October 1 opening price of $6,606 (£5,097) according to CoinDesk.com.

Prices had fallen 9.22 percent and 5.8 percent over August and September respectively.

The past three months have seen the cryptocurrency’s worst losing streak since the beginning of 2015.

The saw the flagship cryptocurrency’s prices drop 4 percent, 2.8 percent and 2.7 percent from March to May.

Its price then averaged approximately $250.

There is cause for optimism as the recent 4 percent drop is the lowest in three months.

Seasonality analysis has led some to believe they are witnessing an annual pattern suggesting BTC will break its three-month losing streak this month.

Bitcoin always reports gains in November, with the exception of 2011, when it dropped 8.6 percent.

This includes Bitcoin’s greatest monthly performance, which saw a 467 percent price rise in November 2013.

BTC has defended the 21 month exponential moving average (EMA) for the fifth continuous month, suggesting a bottom could be in place close to $6,000.

Additionally, the cryptocurrency avoided a bearish monthly close yesterday, despite a negative crossover between the 5-10 month EMAs.

The outlook as per the monthly chart remains neutral as long as prices are trapped between the September high of $7,402 and the 21-day EMA of $6,130.

The longer this narrow trading range persists, the lower price volatility will go.

A number of volatility measures have already hit yearly lows since September.

Daily price volatility remained beneath $100 for seven consecutive days in October – the longest it remained at such levels since April 2017.

Bitcoin this week celebrated its tenth anniversary, but appears far from becoming the “electronic cash system” envisaged by its creators.

It has however spawned a $200 billion cryptocurrency industry that is beginning to attract the interest of multinational companies and institutions.

Early adopters of the cryptocurrency wanted to create a world without centralised financial intermediaries using the disruptive power of blockchain technology.

But ironically it is these very same financial establishments which are now exploring ways to incorporate this ledger technology in their operations.

Crypto adoption has been much slower than anticipated, primarily due to regulatory uncertainty and the lack of user-friendly tools.

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