Bitcoin Price May Report Yearly Loss on Its 10th Birthday

With prices trading sideways around $6,400 for the 10th day straight, bitcoin risks reporting a yearly loss for its 10th birthday.

At press time, BTC is trading at $6,414, as per CoinDesk's Bitcoin Price Index - up 4.46 percent on a yearly basis.

The annual performance would turn negative if the lateral trading continues for another 48 hours.

Further, the year-on-year losses would deepen if the cryptocurrency fails to pick up a bid next month.

Prices had witnessed a near 90-degree rally to levels above $8,000 in November 2017 on speculation that BTC futures listing would perhaps open new doors for the world's yield-hungry institutional investors.

BTC topped out around $20,000 in December 2017 and has remained under pressure this year.

A significant majority believes the cryptocurrency has likely charted a "Classic bottom" around $6,000 in the last four months, although a bullish reversal is seen only above the September high of $7,400.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View.

CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.