Why is Bitcoin price down today?
Bitcoin price is down, trading below $17,000 and raising investors’ worries that the bottom is still not in. Bitcoin (BTC) price has seen a gradual decline in its bullish momentum to hit a new monthly low at $16,736 on Dec. 3. The move follows a market-wide decline that has already set BTC capitulation records in the aftermath of the FTX-induced contagion. Stocks started the day slightly up after losing nearly 1,000 points since the start of the week. To date, Bitcoin price remains closely correlated to equities and stock market investors have concerns about the policy discussions that will occur at the next Federal Open Market Committee (FOMC) meeting on Dec. 13. BTC correlation to equities. Arcane Research While some analysts believe Bitcoin’s bottom is near, others believe more downside is on the way due to BTC’s close correlation to DXY and equities. Let’s investigate the main reasons why the Bitcoin price is down today . On-chain data cites historic “peak realized losses” Bitco...