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Bitcoin Price Back ‘On the Edge’ Says Trader After $8.8K Rejection


Bitcoin Price Back ‘On the Edge’ Says Trader After $8.8K Rejection

Volatility returns to hourly Bitcoin trading after $9K rejection

Bitcoin (BTC) staged a dramatic breakout of its weekly trading corridor on Nov. 15, but selling pressure rejected an attempt to break $9,000.

Cryptocurrency market daily overview

Cryptocurrency market daily overview. Source: Coin360

Bitcoin fails to break resistance at $9K

Data from Coin360 shows BTC/USD suddenly moving upwards on Friday, hitting $8,800 in minutes from previous levels closer to $8,550.

The bullish momentum failed to last, however, with Bitcoin returning to lower levels below $8,600 just thirty minutes later.

At press time, BTC/USD was trading at around $8,580, having come full circle in under an hour.

Bitcoin seven-day price chart

Bitcoin seven-day price chart. Source: Coin360

As Cointelegraph reported, Bitcoin has become increasingly known for temporary moves up and down, with commentators citing various factors influencing the volatility.

In the long term, however, models suggest the largest cryptocurrency should fluctuate around an average price of $8,300 until the block size halving next May.

The rejection at $8,800 meanwhile lifted hopes of a return to overall bullish sentiment, as sketched out by regular Cointelegraph contributor Michaël van de Poppe.

“On the edge here. Preferably I’d want to see a tick up to like $8,800 to confirm a slight trend reversal (like scenario),” he said in a Twitter update on Thursday.

Continuing, van de Poppe added downward pressure could take Bitcoin the other side of its pre-halving average:

“If not, this slow bleed could accelerate to $8,200 as the next level. Sentiment; fear. Obviously.”

Altcoins diverge once more

Altcoins markets saw a return to mixed trading after many major cryptocurrencies lost ground on Thursday.

Ether (ETH), the largest altcoin by market cap, delivered mostly sideways performance, moving less than 1% versus previous levels.

Ether seven-day price chart

Ether seven-day price chart. Source: Coin360

Other coins fared better, with Verge (XVG) jumping 32% after news partner Pornhub was facing problems with PayPal. VeChain (VET) expanded 21.3%, with Tezos (XTZ) rising 8.5% and Cosmos (ATOM) 7%.

The overall cryptocurrency market cap was $237.6 billion at press time, with Bitcoin’s share comprising 65.8%.

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