Bitcoin Price Ranging Under $9.3K Is ‘Extremely Fine,’ Says Analyst

Bitcoin Price Ranging Under $9.3K Is ‘Extremely Fine,’ Says Analyst

Bitcoin (BTC) returned to $9,300 on Nov. 1 after a period of downward pressure gave away to fresh positive sentiment. 

market daily overview. Source: Coin360
shows firm $9K support
Data from Coin360 put the largest at around $9,200 as of press time Friday, with 24-hour performance seeing it dip as low as $9,060.

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. 
On Friday, another scare, this time involving a user data leak at derivatives giant BitMEX, delivered comparatively little impact.
The recovery thus places 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.
As Cointelegraph noted, fellow contributor filbfilb also believes the trend will continue through H1 next year, with BTC/USD set to stay range bound between $7,500 and $10,000.
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%.

See also  Cisco Partners With SingularityNET on Decentralized Artificial Intelligence

Ether seven-day price chart. Source: Coin360
The overall market cap stood at $246 billion, with ’s share at 67.5%.
Keep track of top markets in real time

Leave a Reply

Your email address will not be published. Required fields are marked *

Want to automate your crypto Trading?
Try this new trading Robot!

Your information will be validated and you will be automatically redirected to the trading robot advanced dashboard.