Bitcoin Price Dips Below $9,200 After Rejection by $9,500 Resistance
Bitcoin (BTC) dropped below $9,200 on Nov. 3 after a fresh attempt to crack resistance above $9,500 ended in rejection.
Cryptocurrency market daily overview. Source: Coin360
Bitcoin stays in low $9K corridor
Data from Coin360 showed BTC/USD continuing its ranging behavior with $9,000 as support on Sunday. At press time, the pair traded around $9,120, having fallen around 2% in the past 24 hours.
On Friday, the situation looked more bullish. After languishing near the bottom of its range, Bitcoin managed a run-up to $9,380 during Saturday before abandoning its position and heading downwards once more.
Bitcoin seven-day price chart. Source: Coin360
As Cointelegraph reported, some analysts were keen to see lower levels as a form of price consolidation.
For regular contributor filbfilb, however, hopes were still high as the weekend began that a shift higher would materialize.
“Weekend pump playing out, everyone super bullish. I’m looking to short weekly resistance about 9550. Into the 61.8% retracement. 0.5% account risk as it could be totally wrong,” he told subscribers of his Telegram trading channel.
A return to five figures remains something of a holy grail for Bitcoiners under the current climate, with heavy resistance currently hindering progress.
Longer-term, prediction models nonetheless suggest an average BTC price of closer to $8,000 over the next six months. Thereafter, the block reward halving should pave the way for a new bullish era, say analysts.
As Cointelegraph noted, the previous two halvings both had a highly positive impact on Bitcoin in the months which followed.
Altcoins drift amid lack of momentum
Altcoin markets saw mixed fortunes as the weekend progressed. In the top twenty cryptocurrencies by market cap, most saw up or down moves of around 2%.
Ether (ETH), the largest altcoin, fell by a modest 1.1% to $181, in line with behavior from XRP and Binance Coin (BNB).
Ether seven-day price chart. Source: Coin360
Some other tokens dipped more, with Tron (TRX) and EOS (EOS) both losing 2.5%.
The overall cryptocurrency market cap remained broadly stable at $246 billion, with Bitcoin’s share at 67.4%.