MARKET UPDATE

Bitcoin (BTC) was struggling to recapture $8,800 on Nov. 12 after selling pressure sent the largest cryptocurrency broadly lower late on Monday.

Cryptocurrency market daily overview. Source: Coin360

Bitcoin fails to gain momentum to break $9K

Data from Coin360 showed BTC/USD trading between $8,700 and $8,800 on Tuesday morning, having fallen to local lows of $8,630 in the past 24 hours.

Despite volatility waning in recent days, Bitcoin remained broadly lower as the week began, losing support at $9,000.

Bitcoin seven-day price chart. Source: Coin360

Having exited its previous trading range, Bitcoin was now laying the foundations for further downside, analysts said.

In his most recent Twitter update, regular Cointelegraph contributor Michaël van de Poppe eyed the potential for BTC/USD to fall to around $8,400.

“Could continue the ranging here. For bulls; break back above $9,050 required,” he summarized.

Van de Poppe added that current price behavior signified a tussle between bull and bear forces over Bitcoin, something which nonetheless was not repeating on altcoin markets.

Despite the current slide, Bitcoin remains higher than many models forecast for this year. As Cointelegraph reported, the most accurate models call for an average BTC/USD price of $8,300 until next May’s block reward halving event.

Altcoins diverge from sluggish BTC

Altcoins indeed showed mixed behavior over the past 24 hours. While Bitcoin stayed mostly static, shifts of up to 5% characterized the top twenty cryptocurrencies by market cap.

Ether (ETH), the largest altcoin, nonetheless copied Bitcoin’s behavior, shedding just 0.25% to remain at $186.

Ether seven-day price chart. Source: Coin360

The leader was NEO (NEO), however, which rose almost 6% and extended a Chinese token run which began in late October.

The overall cryptocurrency market cap was $240.3 billion at press time, with Bitcoin’s share making up 66% of the total.

By William Suberg

Source