Bitcoin Price Returns to $7.6K as Markets Reaffirm New Support Levels
After a day at the lower bound of a well-defined trading corridor, Bitcoin rose up to tackle $7,650 and reclaim some ground lost in its major slide this week.
Bitcoin (BTC) hit $7,600 on Oct. 25 after a spell of bullish upward action saw 2% gains occur in a matter of minutes.
Cryptocurrency market daily overview. Source: Coin360
Bitcoin reaches local high close to $7,650
Data from Coin360 showed BTC/USD passing the $7,600 mark across major exchanges, going on to challenge $7,650 before correcting.
At press time on Friday, Bitcoin was fluctuating around the new levels, still down around 8% versus the beginning of the week.
Bitcoin seven-day price chart. Source: Coin360
The latest in a series of abrupt moves, the potential reasons for the behavioral shift are still becoming clear. As Cointelegraph reported, major bagholders along with external factors are the favorites among analysts.
Others focusing on price were unsurprised by a bounce off what they previously identified as the lower boundary in a longer-term trading corridor.
Cointelegraph contributor Michaël van der Poppe had previously noted the 200-day moving average for Bitcoin (around $7,400) would form a likely support area.
“These dips on $BTC are overall giving you a beautiful opportunity to buy until the market starts its next wave up,” he told Twitter followers on Thursday prior to the uptick.
Resistance for Bitcoin still remains heavy closer to $8,500. Beyond technical circles, the mood suggests a catalyst is needed to overcome this. This week, investor Mike Novogratz told mainstream media that new custody solutions for institutional investors could be the clinching factor.
“It’s going to need new energy to really make the big move,” he said in an interview with CNBC.
Altcoins capitalize on positive moves
Altcoin markets meanwhile began taking advantage of Bitcoin’s reversal, gaining fairly strongly on the day.
Ether (ETH), the largest altcoin by market cap, was up 2.8% at close to $166, in line with most coins in the top twenty.
Ether seven-day price chart. Source: Coin360
The overall cryptocurrency market cap was $208 billion, with Bitcoin’s share at 65.6%.