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Bitcoin extends losses, drops to lowest in more than a year

Bitcoin extends losses, drops to lowest in more than a year
FILE PHOTO: A collection of Bitcoin (virtual currency) tokens are displayed in this picture illustration taken December 8, 2017. REUTERS/Benoit Tessier/Illustration/File Photo -
Benoit Tessier(Reuters)
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NEW YORK (Reuters) - Bitcoin fell to a more than one-year low on Wednesday, falling below a key support level of $6,000, with traders and analysts unclear on what caused the sudden drop in price.

"The market had been entering a wedge, with the volatility so low," said Charlie Hayter, founder of industry website Cryptocompare in London, referring a technical chart pattern.

"What you are seeing low is a breakout on the downside. Sometimes when things happen, it takes a while for the true reason to become clear - an exchange trade or regulatory action."

Bitcoin fell to as low as $5,534 <BTC=BTSP>. The $6,000 level was a key support level for bitcoin for some time. It was last down 11 percent at $5,571.61.

(Reporting by Gertrude Chavez-Dreyfuss in New York and Tom Wilson in London; Editing by Chizu Nomiyama)

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