MARKET UPDATE

Bitcoin (BTC) continued its downtrend on Nov. 7, barely keeping support above $9,200 as market commentators stay realistic about the future.

Cryptocurrency market daily overview. Source: Coin360

“Much bigger” BTC price move could come this week

Data from Coin360 shows BTC/USD down 1.6% on the day, circling $9,250 after a sudden dip saw markets bounce off $9,200.

That level has been in play for the past 72 hours and has seen two tests since local highs of $9,520 on Monday.

The week’s behavior continues a broader trend which Cointelegraph reported on previously — Bitcoin remains range-bound between $9,000 and $9,500.

Bitcoin seven-day price chart. Source: Coin360

Now, commentators are considering the potential for a change in the pattern as volatility lessens. For Jim Wyckoff of gold outfit Kitco, that watershed could appear before the end of the week.

“Recent price action has choppy, quiet and sideways. This ‘collapse in volatility’ suggests a much bigger price move is right over the horizon — maybe yet this week,” he summarized on Wednesday.

Wyckoff added that bulls held “slight overall near-term technical advantage,” giving strength to the possibility of a break to the upside.

For regular Cointelegraph contributor Michaël van de Poppe meanwhile, Bitcoin appears to be in a similar position to 2016, just before markets began a breakout to all-time highs of $20,000.

For him, Bitcoin hitting nearly $14,000 earlier this year followed by a consolidation period means that next in line is an uptick. This should happen by next May’s block reward halving and could take BTC/USD to $22,000.

“Looks similar to 2016 still,” he told Twitter followers on Wednesday.

Altcoins drip down amid lack of momentum

Altcoins meanwhile have seen a lackluster trading period over the past 24 hours, with most tokens losing several percentage points.

Ether (ETH), the largest altcoin by market cap, lost $190 support after performing strongly through the week.

Ether seven-day price chart. Source: Coin360

Others fared worse, with Stellar (XLM) likewise reversing its gains to drop almost 8%. The exception was Tezos (XTZ), which gained 25% on the back of a staking deal with exchange Coinbase.

The overall cryptocurrency market cap stands at $250 billion, with Bitcoin’s share equating to 66.8% of the total.

By William Suberg

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