Bitcoin managed to preserve support at $8,000 on Nov. 20, continuing an uneasy sideways pattern since dipping to $7,990 the day before.
Bitcoin markets "More bearish than expected".
Previously, Bitcoin had fallen from highs of $8,600 to briefly reenter the $7,000 range before rebounding to press-time levels.
As Cointelegraph reported, the behavior has turned analysts broadly bearish on the Bitcoin price outlook, not just for the short term, but up to and including next May's block reward halving.
In particular, Willy Woo and Tone Vays confirmed the overall bearish market sentiment on Wednesday, even anticipating a potential drop to $4,500 for Bitcoin.
Fellow contributor filbfilb meanwhile agreed with Woo and Vays.
"I agree that the market is more bearish than we expected it to be," he said in private comments on Wednesday.
Altcoin markets showed similar restraint to Bitcoin on Wednesday after a day of heavy losses.
Out of the top twenty cryptocurrencies by market cap, most saw moves of less than 1% up or down.
Tezos meanwhile is seeing gains of over 5%. The overall cryptocurrency market cap is $221.4 billion, with Bitcoin's share at 65.27%.Keep track of top crypto markets in real time here.
Bitcoin Price Clings to $8K as Analysts Warn Market Has Turned Bearish
Publicado en Nov 20, 2019
by Cointele | Publicado en Coinage
Coinage
Mencionado en este artÃculo
Noticias recientes
Ver todo
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.