Bitcoin Price Drops to $6.5K as Traders Eye CME 'Gap' Bounce

Bitcoin dropped to within $15 of $6,500 on Nov. 25 after another day of significant losses obliterated previous support levels.

If not, little remains in the way of Bitcoin dropping as low as $2,500.

Previously, analysts had claimed miners would defend that price should Bitcoin fall within its range.

At press time, that theory appeared to hold, with an upwards reversal taking Bitcoin to $6,700.

As an indicator of sentiment among professional traders, regular Cointelegraph contributor Michaël van de Poppe said that longer-term, Bitcoin still remained a firm best choice.

Elsewhere, theories explaining Bitcoin's loss of momentum ranged from the commonplace China exchange crackdown to one involving the United States.

Short-term performance could also improve thanks to a "Gap" in CME Group's Bitcoin futures.

As noted, when futures begin trading at a different price to that at which they closed their previous session, Bitcoin tends to "Fill in" the resulting vacuum later.

Altcoin markets predictably suffered as a result of Bitcoin's weakness.

Others, such as Litecoin, managed to stave off the worst of the bearish sentiment to deliver more moderate losses of around 5%. The overall cryptocurrency market cap also erased a significant chunk of its value, falling to just $183 billion at press time with Bitcoin's share at 66.2%.Keep track of top crypto markets in real time here.