Bitcoin Price Returns to $8.7K as Resistance Becomes New Bull Support
A break above $9,000 late on Sunday failed to hold, but analysts remain buoyant about the state of the market over the past month.
Bitcoin (BTC) fell below $8,700 on Nov. 11 after a fresh downturn once again ended its stay above the $9,000 mark.
Cryptocurrency market daily overview. Source: Coin360
Bitcoin tests high $8Ks support
Data from Coin360 shows BTC/USD reembracing the $8,000 zone after spending much of Sunday evening higher, reaching around $9,100.
At press time, the pair had just said a new three-day low of $8,695, subsequently bouncing slightly higher towards $8,800. Bitcoin has languished around that price since Nov. 8, having previously fallen from a range between $9,000 and $9,500.
Bitcoin seven-day price chart. Source: Coin360
Despite the drop, however, analysts appeared neither surprised nor bearish about the overall trend.
In a Twitter update on Monday, the popular account known as Crypto Bull highlighted the fact that a dip to current levels represented previous resistance now acting as support.
“Just testing that support again,” he told followers, referencing Bitcoin’s dramatic run-up from $7,400 to over $10,500 from Oct. 26.
As Cointelegraph reported, attention should now focus on the Moving Average Divergence Convergence, or MACD indicator, which could potentially point the way to a bullish move in the coming several weeks.
Altcoins stationery as BTC wavers
Altcoins meanwhile broadly followed Bitcoin’s modest price drop on Monday, with most major tokens seeing losses of around 1%.
Ether (ETH), the largest altcoin by market cap, fell by 0.6% to just under $186.
Ether seven-day price chart. Source: Coin360
The overall cryptocurrency market cap was $240.9 billion at press time, with Bitcoin’s share totaling 66.1%.