Bitcoin Faces Biggest Monthly Price Drop of 2019 Despite Late Upturn

Bitcoin looks set to end November on a negative note.

A monthly close below $8,300 could yield a deeper drop in December, according to a popular analyst.

A bull reversal would be confirmed on the three-day chart if prices close above $7,380 today.

Bitcoin looks poised to post the biggest monthly loss of 2019, despite the recent recovery from six-month lows.

At press time, the number one cryptocurrency is priced at $7,530 on Bitstamp, representing a 17.6 percent loss from the Nov. 1 opening price of $9,586.

The percentage drop would have been over 30 percent had prices stayed at the six-month low of $6,515 hit on Nov. 25.Bitcoin last suffered a bigger monthly loss in November 2018.

Prices had tanked 37 percent, reviving the sell-off from the record high of $20,000 reached in December 2017.

This time, the run-up period has begun with a price drop, possibly due to miners selling off their bitcoin, as noted by popular analyst Willy Woo.Bitcoin dropped from $13,000 to $7,500 in the third quarter and the price slide took a toll on miners' profitability.

Looking forward, BTC may suffer a deeper drop in December if prices end the current month below $8,300, according to Woo.Currently, a firm monthly close above $8,300 looks unlikely.

Sellers will likely make a strong comeback if prices drop below the hammer candle's low of $6,515, although that looks unlikely at press time.