The fall of Bitcoin continues
This November 25 has been a new bearish day for Bitcoin. The price of Bitcoin fell to almost USD 6,500 and the total market capitalization reached USD 122,323,248,755.
A big fall in the week
During the past week the price of Bitcoin experienced a new big decline that exceeded 20%. So far this month the price of Bitcoin has already fallen 30% compared to the previous month.
The USD 6,500 would be an essential support for the price of Bitcoin as rumors indicate that it is the limit price for Bitcoin mining to remain profitable. Many analysts believe that the miners will be those who will defend the support and would not let the price fall further, which would give a strong reason to think that the price of Bitcoin has already touched its bottom and that a new bullish stage awaits us.
Despite the big drop in the price of Bitcoin, Michael van de Poppe, a professional trader, said in a post on his twitter account: "Whatever the movement there is now (whether we go back to USD 7,800 before any other bearish movement), I think the $ BTC asset is one of the few wise macro bull assets for the next few years."
On the other hand, Mark Dow, former economist of the International Monetary Fund has declared on his official Twitter account that Bitcoin "is dying" and confirms his skepticism regarding a possible recovery of the cryptoactive.
Bitcoin searches on Google increase
After the big decline, Google Trends data shows a great increase in popularity in searches associated with Bitcoin in the last week. User interest comes from countries such as Nigeria, South Africa, Ghana, Austria and Switzerland.
This increase in Bitcoin interest has not been reflected in other cryptocurrencies, since the data delivered by Google Trends for terms such as "Ethereum," ETH "and" XRP "remain stable over the past few weeks.