Market Update

Bitcoin Price Grinds Closer to $8K as $7,500 Support Remains Intact

Bitcoin (BTC) inched closer to $8,000 on Nov. 29 after maintaining its previous gains for another day. 

Cryptocurrency market daily overview. Source: Coin360

Bitcoin settles above $7,500

Data from Coin360 showed BTC/USD avoid a reversal of its progress from earlier this week, which saw the pair suddenly surge from $6,500 to $7,600. 

Since the bullish shift on Nov. 25, Bitcoin has broadly held onto its higher levels, with only a brief dip below $7,400 challenging a steady grind higher.

At press time, Bitcoin traded at just above $7,550, near its weekly high of $7,640. 

Bitcoin seven-day price chart. Source: Coin360

Markets broadly shook off recent negative sentiment over a Chinese crackdown on cryptocurrency trading and an assumed insider hack at South Korean exchange Upbit this week. 

For regular Cointelegraph contributor filbfilb, the door was now open for further gains which could take BTC/USD over the $8,000 threshold. 

“8-8,2k looks possible if there is a breakout. A fail to break 7600 could mean looking at the range below,” he told subscribers of his Telegram trading channel in a fresh update on Thursday. 

Longer-term, Bitcoin was still down 16% compared to the same time last month, while weekly, the largest cryptocurrency managed 7% gains. 

Analysts had previously anticipated such volatile performance to endure over the coming months — before next May’s block reward halving, the sentiment would remain mixed, statistician Willy Woo said last week. 

Altcoins stabilize after a volatile week

Altcoins meanwhile settled in line with the relatively stable Bitcoin price on Friday. Among the top twenty cryptocurrencies by market cap, most saw flatter performance than on previous days.

Ether (ETH), the largest altcoin, was up 1.8% at $154, preserving fresh support at $150 and could be headed for a run to $170, according to fresh analysis. 

Ether seven-day price chart. Source: Coin360

Others showed similar behavior, with the notable exception of several Chinese coins including Tron (TRX) and VeChain (VET), which all flashed negative in light of pressure from local authorities. 

The overall cryptocurrency market cap was $206.2 billion at press time, with Bitcoin’s share at 66.4% of the total.

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