Struggling to Break $8,500
On November 18, Bitcoin (BTC) faced a tough challenge in its quest to reclaim the $8,500 mark. Data from Coin360 indicates that the cryptocurrency attempted to regain momentum on Monday, only to be met with resistance after a slight dip from $8,600 the previous day. By the time the digital coins were counted, BTC was trading around the crucial $8,450 level. This point is pivotal in determining whether the market will trend bullish or bearish.
The Battle of the Bulls and Bears
Market analysts are keeping a close eye on this price point. Michaël van de Poppe, a contributor to Cointelegraph, referenced the stakes in this price range with a rather dire “do or die for the Bulls” comment. If Bitcoin loses support around $8,400, it could slip back to the low $7,400s, reminiscent of the trend before its sudden climb over $10,500 last month.
RSI: A Double-Edged Sword
Trader Scott Melker highlighted another layer of complexity by monitoring Bitcoin’s Relative Strength Index (RSI). When the RSI breaks through significant resistance, past experiences indicate that prices often follow suit. “RSI has broken through both major descending resistances. Price usually follows,” said Melker, hinting at a new chapter in Bitcoin’s price narrative.
Altcoins Take a Tumble
As Bitcoin poured cold water on the weekend’s optimism, altcoins joined in the gloomy atmosphere. Most of the leading cryptocurrencies fell by about 1.5% as the week kicked off. However, Ethereum (ETH) managed to maintain its ground, trading sideways at $183. Meanwhile, Tezos (XTZ) showed some spirit with a 3% rise, while VeChain (VET) and Cardano (ADA) posted gains of 2.8% and 4.3%, respectively.
Market Overview
The overall cryptocurrency market cap registered at approximately $234.3 billion, with Bitcoin commanding a solid 65.9% of that share. As the market fluctuates, traders are left to wonder: will Bitcoin fight its way back up, or are we in for a bear steep slope?
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