Bitcoin lived through a cruel November, losing over 37% of its value

Bitcoin is hovering below $4,000 handle as bearish sentiments have gripped the cryptocurrency market on Monday. The first digital coin has lost 4.5% in recent 24 hours as resumed the decline after a short recovery during the previous week.

Meanwhile, November became the worst month for Bitcoin in the past seven years. The coin dropped from $6,361 on November 1 to $3,865 on November 30 and thus lost nearly $2,500 of its value in a month. In terms of percentage loss, it's the worst result since August 2011, when the coin dropped from $8 to $4.80.

Bitcoin's technical picture

From the short-term point of view, BTC/USD is capped by SMA200 (1-hour) at $3,983. Once this level is cleared, the upside may be extended towards critical $4,000 with the next strong resistance area at $4,100 created by a confluence of SMA50 and SMA100 (1-hour).

On the downside, the nearest resistance lies with congestion zone $3,900, which includes the Asian low of $3,911. Once it is cleared, the sell-off may continue towards $3,865 (November 30 low).

BTC/USD, 1-hour chart