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October 01, 2018 @ 12:42 +03:00
Bitcoin (BTC) is reporting losses for a second straight month, but there are hints of a bullish breakout ahead in the fourth quarter. At press time, the leading cryptocurrency is trading at $6,570 – down 6.30 percent from September’s opening price of $7,014. BTC also registered a 10-percent decline in August, according to CoinDesk’s Bitcoin Price Index (BPI).
However, despite the back-to-back monthly losses, the cryptocurrency is flashing a 2 percent gain for the third quarter. Further, the quarterly gain could have been much bigger had the US Securities and Exchange Commission (SEC) not rejected a notable application for a bitcoin exchange-traded fund (ETF). Bitcoin jumped to a two-month high of $8,507 on July 25, confirming an upside break of the four-month-long falling channel.
However, the long-term bearish-to-bullish trend change was short-lived as prices fell back below $8,000 on July 27, courtesy of the SEC’s second rejection of the Winklevoss brothers’ application for a bitcoin ETF. Nevertheless, the leading cryptocurrency posted a 21 percent gain in July, snapping the longest losing streak in nearly two years. BTC was down for the first two weeks the ETF rejection in late July. The cryptocurrency fell to a low of $5,859 on Bitfinex on Aug. 14 before rising back to $7,000 by the month’s end. Signaling a rotation of money out of high-risk alternative cryptocurrencies and into bitcoin, and possibly into fiat currencies, the BTC dominance rate also rose above 50 percent for the first time since Dec. 19, 2017.