RATE Group | Analyst Claims $8,700 Marks Good Long Opportunity for Bitcoin Despite Overnight Plunge
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Analyst Claims $8,700 Marks Good Long Opportunity for Bitcoin Despite Overnight Plunge

11 Nov Analyst Claims $8,700 Marks Good Long Opportunity for Bitcoin Despite Overnight Plunge

Posted at 23:18h in Bitcoin News by

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After surging towards $9,300 yesterday, Bitcoin’s bulls have once again surrendered to bears, leading BTC to plummet back below its key support level at $9,000. This overnight movement has once again led the cryptocurrency back down to its previous support level at $8,700, and it is showing few signs of having any strength at the moment.

Analysts are now noting that $8,700 could be an ideal region for traders to enter fresh longs, but that a decisive break below this level could spark a sharp selloff that sends BTC towards $8,100.

Bitcoin Plummets Below $9,000 After Fleeting Bullish Movement

At the time of writing, Bitcoin is trading down over 1% at its current price of $8,740, which marks a notable drop from its daily highs of over $9,300 that were briefly touched during the fleeting rally that occurred yesterday.

The inability for Bitcoin’s bulls to maintain the upwards momentum that was incurred yesterday points to an underlying weakness amongst buyers and may mean that further…

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