Bitcoin Drops to a Two-Month Low on Thursday, Falls Over 4% to $57,711

The fall is amid the uncertainty over the US presidential elections and reports of bitcoin supply from a defunct Tokyo-based crypto exchange.

Bitcoin price fell on Thursday to a two-month low and dropped below a key technical level, as uncertainty over the US presidential elections and reports of bitcoin supply from a defunct Tokyo-based crypto exchange weighed.

The world’s largest cryptocurrency fell 4.2% to $57,711 by 11:36 ET (15:36 GMT).

Bitcoin hit its lowest level since May 2 and has now lost more than 6% this week.

The fall comes as BTC dropped below the 200-day simple moving average (SMA), a technical indicator that is widely followed by both traditional and crypto markets to gauge long-term price trends.

BTC had risen past the 200-day SMA in October, when the average value was around $28,000.

“BTC crashed to a new three month low of under 58k USD before a mini recovery back to just under 60k USD. While the local low of BTC stands at 56.7k USD, anything lower would take us to a 5 month low in BTC prices. If not recovered again, 60k USD may now become a resistance,” said CoinSwitch Markets Desk.

In the past 30 days, Bitcoin has fallen 18.31%. The slump comes after the token reached an all time high of above $73,700 in March largely driven by the regulatory approval and launch of spot Bitcoin exchange traded funds.

Ether was also trading down by a fraction of 1% at $3,213.0, down over 22% from its peak in mid-March.

Ether’s price declined by over 5.4%, falling below $3,200.

Other prominent tokens like Binance’s BNB, Solana, and Dogecoin also experienced decreases of 6.1%, 8.8%, and 7.2% respectively.