Bitcoin Faces Biggest Yearly Price Loss on Record

Bitcoin's recent drop to 14-month lows has left the cryptocurrency on track for its biggest ever yearly loss.

Just three weeks ago, the cryptocurrency was changing hands at $6,300 - already a 54 percent year-to-date drop, according to CoinDesk's Bitcoin Price Index.

On Nov. 14, BTC nosedived below the crucial 21-month exponential moving average support, signaling a resumption of the sell-off from the record high of $20,000 reached last December.

As a result, prices ultimately dropped to 14-month lows below $3,500 on Nov. 25 before regaining some poise.

With the bears still keeping the upper hand, a significant recovery from current levels appears unlikely before year's end, and BTC looks set to snap its three-year winning streak with a 73 percent annual price drop - its biggest on record.

As seen in the table above, BTC's only previous annual loss was a 57 percent drop in 2014.

This year's loss would be the biggest on record as long as prices hold below $5,959.

As seen above, BTC has found acceptance below the crucial support of the 200-week EMA, bolstering the already bearish technical set-up represented by the descending triangle breakdown, confirmed two weeks ago.

View Bitcoin is on track to post its biggest annual price drop on record.

Bitcoin image via CoinDesk Archives; price charts by Trading View.