Bitcoin Price Back ‘On the Edge’ Says Trader After $8.8K Rejection

Bitcoin (BTC) staged a dramatic breakout of its weekly trading corridor on Nov. 15, but selling pressure rejected an attempt to break $9,000. 

Cryptocurrency market daily overview. Source: Coin360

Bitcoin fails to break resistance at $9K

Data from Coin360 shows BTC/USD suddenly moving upwards on Friday, hitting $8,800 in minutes from previous levels closer to $8,550. 

The bullish momentum failed to last, however, with Bitcoin returning to lower levels below $8,600 just thirty minutes later. 

At press time, BTC/USD was trading at around $8,580, having come full circle in under an hour. 

Bitcoin seven-day price chart. Source: Coin360

As Cointelegraph reported, Bitcoin has become increasingly known for temporary moves up and down, with commentators citing various factors influencing the volatility. 

In the long term, however, models suggest the largest cryptocurrency should fluctuate around an average price of $8,300 until the block size halving next May. 

The rejection at $8,800…