The price of Bitcoin (BTC) lost support of USD 9,000 on
November 8, after several days of declining stocks that finally showed markets
to take a decisive step.
Coin360 data showed the BTC / USD price leaving its
narrow commercial corridor between USD 9,000 and USD 9,500 at the beginning of
Friday.
Bitcoin flickers with downtrend
That corridor had broadly characterized the largest
cryptocurrency since the end of October. A brief increase to more than USD
9,520 soon encountered resistance, then a fall in the range of USD 8,000 was
also short-lived.
In daily trade, Bitcoin reached local lows of USD 8,980
before it also rose, with markets currently trading at around USD 9,000.
As Cointelegraph reported, suspicions among analysts
about price behavior have increased in recent weeks and months. Previously, the
erratic movements of the CME Group's Bitcoin futures market gained special
attention.
There, the price of Bitcoin moved to fill a
"gap" in trade, observed when one session ends more or less than
where the next one begins, suddenly dropping in hundreds of dollars before
recovering minutes later.
Filling the gaps in futures has become a standard behavior
for Bitcoin, and analysts use them to forecast possible market downturns.
However, some remain optimistic about the long-term
outlook; Michaël van de Poppe, a regular contributor to Cointelegraph,
predicted this week that the price of BTC / USD will reach new record highs of
USD 22,000 next year.
XRP continues the pre-conference drop
Beyond Bitcoin, Friday witnessed a poor performance of
two of the main altcoins: XRP and Bitcoin SV (BSV).
As indicated above, XRP, the token theoretically
associated with the Ripple payment network, was not impressed when the latter's
annual Swell conference started this week.
Since the event began, the price of XRP / USD has fallen
more than 10%, at the close of this edition, trading just above USD 0.28, its
lowest level since October 25.
BSV, meanwhile, fell 6.2% on Friday to USD 128.
SOURCE: Cointelegraph
