On Nov. 26, Bitcoin price surged 42% to climb to $8,500. However, this sudden bout of surge didn’t last long and we were tossed back to $9,000 level.
In these past twelve days since the price range has been going together with each passing day. Today, we finally dropped below $9,000 to $8,680 level.
In the past 24 hours, BTC has lost more than 5% of its value while volume has risen from around $200 million yesterday to $390 million.
With Bitcoin in the red, top altcoins have followed the leading cryptocurrency into losses as well.
USD-pegged Tether meanwhile has replaced Litecoin on the 5th spot. Recently, Tether in its response to a paper accusing the stablecoin of manipulating the Bitcoin market in late 2017, kicking off the bull run, said USDT tokens are now fully backed by its reserves.
But even more interesting is the altcoin Tezos which from 18th spot has climbed to 14th position after surging 70% on Coinbase due to the exchange announcing its staking program for the digital asset.
Get Ready for More Red
The 42% spike in BTC came after the flagship cryptocurrency dropped to about $7,300 level which commentators and research firm Delphi Digital believed to be the bottom of the 160% surge in Q2.
However, there are still chances that BTC will see another decline to below $8,500.
Crypto trader DonAlt says $8,400 level is “incredibly interesting”. He has been expecting the BTC price to continue ranging before it makes any move. If the digital asset is able to hold $8,750 level on a closing basis, bulls will remain in control, said the analyst. But if the level doesn’t hold, $8,400 is still a real possibility.
Even though the narrative has changed, the chart has not.
I still think the area around $8400 is incredibly interesting.
I'd be surprised by any major moves other than the above shakeout.
I think we'll range for quite a while longer. pic.twitter.com/YQfXmFvMlw
— DonAlt (@CryptoDonAlt) November 8, 2019
Similar thoughts are echoed by analyst Benjamin Blunts who is expecting BTC to go down to $8,600 level in the coming days before going to a new high.
“Almost 2 weeks of chop now, but i'm still in the camp that we break down first, clear out all the late longs, then moon it,” Blunts said.
Given that BTC has already fallen below $8,700 level, $8,400 is not far off the mark now.