Bitcoin (BTC) returned to $9,300 on Nov. 1 after a period of downward pressure gave away to fresh positive sentiment.
Cryptocurrency market daily overview. Source: Coin360
Bitcoin shows firm $9K support
Data from Coin360 put the largest cryptocurrency at around $9,200 as of press time Friday, with 24-hour performance seeing it dip as low as $9,060.
Bitcoin seven-day price chart. Source: Coin360
As Cointelegraph reported, technical problems on two major exchanges appeared to spark brief panic on markets. After reaching around $9,365, BTC/USD saw a sharp dip across the board.
The recovery thus places Bitcoin back in the middle of the range it has traded in for almost one a week. Prior to that, a bull run had taken it to almost $10,500.
Now, analysts forecast a continuation of the pattern. According to Cointelegraph contributor Michaël van der Poppe, such behavior is realistic.
“And $BTC continues the ranging, which is extremely fine,” he summarized in Twitter comments on Thursday.
Altcoins contemplative in a sideways market
Altcoins meanwhile saw a remarkably calm day, with major tokens barely moving from the previous day’s position.
Ether (ETH), the largest altcoin by market cap, gained 0.8% to trade near $182. Others in the top twenty cryptocurrencies fared similarly, moving up or down by a maximum of around 1%.
Ether seven-day price chart. Source: Coin360
The overall cryptocurrency market cap stood at $246 billion, with Bitcoin’s share at 67.5%.