Bitcoin Price Ranging Under $9.3K Is ‘Extremely Fine,’ Says Analyst

Bitcoin (BTC) returned to $9,300 on Nov. 1 after a period of downward pressure gave away to fresh positive sentiment. 

Cryptocurrency market daily overview. Source: Coin360

Bitcoin shows firm $9K support

Data from Coin360 put the largest cryptocurrency at around $9,200 as of press time Friday, with 24-hour performance seeing it dip as low as $9,060.

Bitcoin seven-day price chart. Source: Coin360

As Cointelegraph reported, technical problems on two major exchanges appeared to spark brief panic on markets. After reaching around $9,365, BTC/USD saw a sharp dip across the board. 

On Friday, another scare, this time involving a user data leak at cryptocurrency derivatives giant BitMEX, delivered comparatively little impact.

The recovery thus places Bitcoin back in the middle of the range it has traded in for almost one a week. Prior to that, a bull run had taken it to almost $10,500. 

Now, analysts forecast a continuation of the pattern. According to Cointelegraph contributor Michaël van der Poppe, such behavior is realistic.

“And $BTC continues the ranging, which is extremely fine,” he summarized in Twitter comments on Thursday.

As Cointelegraph noted, fellow contributor filbfilb also believes the trend will continue through H1 next year, with BTC/USD set to stay range bound between $7,500 and $10,000.

Altcoins contemplative in a sideways market

Altcoins meanwhile saw a remarkably calm day, with major tokens barely moving from the previous day’s position.

Ether (ETH), the largest altcoin by market cap, gained 0.8% to trade near $182. Others in the top twenty cryptocurrencies fared similarly, moving up or down by a maximum of around 1%.

Ether seven-day price chart. Source: Coin360

The overall cryptocurrency market cap stood at $246 billion, with Bitcoin’s share at 67.5%.