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

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

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. 

Others, such as regular Cointelegraph contributor Michaël van de Poppe, had previously said a breakout from range-bound trading between $9,000 and $9,500 was long overdue. 

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

Ether seven-day price chart. Source: Coin360

Others stayed similarly static, with the except of XRP, which lost 1.6%, and Bitcoin SV (BSV), 3% lower. 

The overall cryptocurrency market cap was $240.9 billion at press time, with Bitcoin’s share totaling 66.1%.

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Source: Cointelegraph.com

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Passionate about Crypto-Currencies and Bitcoin enthusiast. Oliver is an Editor on Crypto Cool News.

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