Bitcoin dropped below $4,700, bringing its losses to more than 23 percent in the past seven days and more than 66 percent this year, setting a 13-month low.
Bitcoin had been trading in the $6,400 range for the majority of October, down from brief highs last year around 20,000. The cryptocurrency is now down more than 30 percent since last Thanksgiving, and nearly 70 percent from its highs with many analysts expecting it to drop much more.
The cryptocurrency began to rise around Thanksgiving last year, Bitcoin topped $10,000 at the end of November last year and almost $20,000 by Dec.19th.
Now that it has dropped below $5,000 the next logical level of support is at $3,500