Bitcoin Price Hits 13-Month Low as Crypto Market Slumps

Bitcoin dropped to its lowest level since October 2017 on Monday, as losses are seen across the broader crypto market.

The leading cryptocurrency fell to $5,165 earlier today - the lowest level since Oct. 18, 2017 - having breached the crucial support of $6,000 last week.

As of writing, BTC is changing hands at $5,283 - down 5 percent on a 24-hour basis and 16 percent week-on-week - according to CoinDesk's Bitcoin Price Index.

XRP, the second-largest cryptocurrency as per market capitalization, is reporting a 6.5 percent drop.

The sharp losses in the major cryptocurrencies have pushed the total market capitalization down to a 13-month low of $172 billion.

The risk aversion could worsen in the near-term, as bitcoin is looking increasingly weak on the technical charts.

Major support below that level is seen around $4,100.

The RSI on the 4-hour chart is creating a higher low, despite the lower low on the price chart, marking the development of a bullish divergence.

In the short-run BTC may defend that psychological support level, courtesy of the oversold conditions on the daily chart.

Bitcoin chart image via Shutterstock; Charts by Trading View.