Friday, Oct. 18 — Bitcoin (BTC) has lost support at $8,000 again after a brief recovery ended up further downward selling pressure.
Cryptocurrency market daily overview. Source: Coin360
Bitcoin eyes lower support bands
Data from Coin360 showed BTC/USD briefly hit $7,850 on Friday before rebounding to just above $7,900. The latest dip capped daily losses of up to 2% for traders, with the pair having reached a high of $8,120 the previous day.
Bitcoin seven-day price chart. Source: Coin360
As Cointelegraph reported, analysts were dismissive of the upward momentum, with the broader health of Bitcoin prices still subject to suspicion.
“Well, not showing strength after a small bearish retest. Looks like a copy of beginning October & still hanging around here in the green ‘support’ zones,” Cointelegraph contributor Michaël van der Poppe summarized in a Twitter analysis.
enter site Those zones represent longer-term trends which BTC/USD continues to test. The last bastion of support in the lowest zone lies at about $7,400. For van der Poppe, that area forms the obvious destination if current levels break down further.
click here “If lost -> below at $7,500 main area to look for,” he added.
Altcoin investors see flat performance
Ether (ETH), the largest altcoin by market cap, was down a negligible 0.4% and trading at $174.
Ether seven-day price chart. Source: Coin360
The overall cryptocurrency market cap was 66.1% dominated by Bitcoin, with a total value of $217 billion.