The price of the most dominant cryptocurrency, Bitcoin (BTC), lost its support at $9,000 on November 8 after several days of downward action which triggered the markets to make a decisive move. According to the charts, Bitcoin falls $9,000 for a first time this month but traders know that this is a major psychological level for the cryptocurrency.
Data also shows that BTC/USD is breaking out of its narrow trading corridor between $9,000 and $9,500 on early Friday. this corridor had broadly characterised the largest cryptocurrency since the end of October.
More importantly, a brief spurt beyond to $9,520 was soon met with resistance – and a dip into the $8,000 range was also living up shortly. In daily trading, Bitcoin has hit local lows of $8,980 before it bounced higher and the markets are currently trading at around $9,000.
As many media outlets noted, suspicions have mounted among analyst over the price behaviour in the recent weeks and months. Earlier, the erratic moves by the CME Group and its Bitcoin futures market gained particular attention.
This was also a point when the Bitcoin news moved to fill a “gap” in trading. This was observed when one session ends higher or lower compared to the one where the next begins – by suddenly crashing by hundreds of dollars before its recovery minutes later.
As it stands, Bitcoin falls below $9,000 and analysts are forecasting potential market drops. However, there are also some who are bullish on the long-term outlook. As we can see, there were talks about BTC rising to $14,000 or even $22,000 next year. Forecasts like these seem far from reality right now, but traders are not losing hope yet.
In the altcoin news, we can see that since the event started, the XRP/USD pair has fallen by more than 10% and is trading at just above $0.28 which is its lowest point since October 25. Meanwhile, the Bitcoin SV news show that BSV fell 6.2% on Friday to $128.
Chart data also shows that the market cap retraced to $244 billion in the downward run and the 24 hour volume is at $78 billion, accordingly. According to experts, a recovery is expected soon and BTC could still rise above $9,000.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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