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On September 26, Bitcoin (BTC) expected about $ 8,400 as relative stability returned to markets after tumultuous falls earlier in the week.
Daily overview of the cryptocurrency market. Source: Coin360
The Bitcoin price announces as a $ 8.5K resistor
Coin360 data showed lateral behavior for the BTC / USD on Thursday, with only a brief increase to $ 8,600, disrupting the trend.
The 24-hour pair currently stands at around $ 4,235, while the markets were still down 15% from their levels before Tuesday's decline.
Bitcoin price chart over seven days. Source: Coin360
As reported by Cointelegraph, attitudes towards Bitcoin's health vary. Some argue that the largest cryptocurrency is on track beyond the short term, with the stock-flow measure in particular remaining optimistic.
Others are a little more nervous. In his last social media updateMichaël van de Poppe, a regular analyst and contributor at Cointelegraph, said that if the markets looked robust, the bitcoin had to close above $ 8,800 to reinforce the positive sentiment.
"Up to here, the 200-day moving average on the daily and this block holds. It's a good sign, "he wrote.
He continued:
"The Altcoins / BTC pairs are doing well too. This is also a good sign. We must now exceed $ 8,800. "
An additional zooming out is also a reason for relief, the analyst pointing out that the launch of Bakkt and the second German stock market to launch Bitcoin cash transactions were reasons not to be bearish.
As noted by Cointelegraph, doubts remain as to the impact of futures regulations on the price of bitcoin. A new study just before the trough warned that on average, 75% of the settlement dates for the CME futures contracts coincided with market declines.
Stellar Head Relief Day for Altcoins
The Altcoins made improbable gains on Thursday as Bitcoin stabilized. The market has gone green in the last 24 hours. The main tokens recorded gains ranging from 1% to 6%.
Ether (ETH), the largest market capitalization in the world, rose 1.7% to just over $ 170. Stellar (XLM), however, gained 13.2%.
Table of prices of the ether over seven days. Source: Coin360
The overall market capitalization of cryptocurrencies also increased by $ 2 billion to $ 223 billion, with Bitcoin accounting for 68.3% of the total.
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