Bitcoin Returns To $8,700: Where Resistance Becomes Support

The Bitcoin news updates this Monday show that the price of the leading cryptocurrency is still retracing from its previous month peak at $10,500 – and is now trading in the $8,700 region. In fact, we can see that Bitcoin returns to this target after a new downturn prevented it from staying above the $9,000 mark.

Data shared details on the BTC/USD pair and showed that Bitcoin is re-embracing the $8,000 one after spending a lot of time higher, reaching around $9,100. At press time, Bitcoin returns to $8,700 flat which is a good bounce from the three day low of $8,695 but still far from what is expected of the dominant cryptocurrency.

Previously, we have seen Bitcoin falling to $9,500 and $9,000 accordingly. Its current situation and price point at $8,700 only confirms the analyst outlook which said that in order to rise, BTC will probably retrace to the lower $8,000 region once again.

Despite this recent drop, analysts appeared neither surprised nor bearish about the trends overall.
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A Twitter update on Monday shows that the popular account known as Crypto Bull highlighted the fact that a dip to current levels represented previous resistance which is now acting as support.

“Just testing that support again,” this analyst told his followers as Bitcoin returns to the lower $8,700 support.

The analyst seems confident when referencing Bitcoin and its dramatic run-up from $7,400 to over $10,500 on October 26. Other analysts had previously said that a breakout from range-bound trading between $9,000 and $9,500 was long overdue.

Meanwhile, the altcoin news and rumors show that attention should now focus on the Moving Average Divergence Convergence (MACD) indicator which could potentially point the way to a bullish move in the coming weeks.

Altcoins have broadly followed the modest price drop of Bitcoin. As most of them are in the red, the only good signals are from the Stellar news and the fact that XLM is up by more than 2% today – following its extended run after the XLM coin burn.

Ether, Ripple, Bitcoin SV and other altcoins stayed static and fell by a couple of percents. XRP even lost 1.6% and Bitcoin SV’s price is 3% lower today as Bitcoin returns to its $8,700 territory. The overall cryptocurrency market cap is now at $239 billion while the 24 hour volume is at $75 billion.