Bitcoin price falls below 500 and 400 levels

Bitcoin prices continued to fall in the Asian session on Friday (November 6), continuing yesterday's decline. The 500 and 400 levels were breached in succession, causing short-term risks to fall sharply.

The quotes released by BITSTAMP show that Bitcoin/US dollar (XBT/USD) fell below 380 yesterday after losing the 500 and 400 levels. Although it rebounded above 400 afterwards, it fell again to the 360 ​​level in the Asian session of this trading day.

The quotes released by KRAKEN showed that Bitcoin/Euro (XBT/EUR) fell below 400 yesterday and fell to a low of 340. Although it rebounded to the 380 level afterwards, it fell again to the 330 level in the Asian session of this trading day.

The quotes released by Huobi.com showed that Bitcoin/CNY fell from around 3285 to 2575 yesterday. Although it rebounded slightly afterwards, it was further pressured to 2340 in the Asian session of this trading day.

After reaching the psychological barrier of $500, the price of Bitcoin has once again collapsed. The market is full of discussions about its speculative factors. However, it should be noted that the price of Bitcoin has risen by 70% in a week, and it is understandable that the extremely upward trend has ushered in a correction trend.

In fact, similarly, when various parties discussed the reasons for the surge in Bitcoin, foreign media believed that the primary reason was the rebound demand after the previous collapse of value. Bitcoin was severely damaged after the Mt. Gox incident in 2014, and the cumulative decline was as high as 75%.

The current plunge appears to be just another rerun in the other direction.