Bitcoin falls to a monthly low with the risk of further decline

Bitcoin fell to its lowest level in three weeks amid continued decline in stocks, according to Bloomberg.

“On Tuesday, the largest cryptocurrency fell 1.9% to $16,277, its lowest level since Nov. 29. The second largest Ether fell 2.1% to its lowest level since November 28. These moves come as the S&P 500 declined for the fourth consecutive session due to market nervousness over a potential Fed rate hike route.

As a result, Bitcoin could reach a lower low, which would increase the risk for long-term support in the $13,900 region, according to Kathy Stockton, founder of Fairlead Strategies LLC, cited by Bloomberg.