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
gepubliceerd op Nov 20, 2019
by Cointele | gepubliceerd op Coinage
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