Bitcoin Price Returns to $8.7K as Resistance Becomes New Bull Support

Bitcoin (BTC) fell below $8,700 on Nov. 11 after a fresh downturn once again ended its stay above the $9,000 mark. 

Cryptocurrency market daily overview. Source: Coin360

Bitcoin tests high $8Ks support

Data from Coin360 shows BTC/USD reembracing the $8,000 zone after spending much of Sunday evening higher, reaching around $9,100. 

At press time, the pair had just said a new three-day low of $8,695, subsequently bouncing slightly higher towards $8,800. Bitcoin has languished around that price since Nov. 8, having previously fallen from a range between $9,000 and $9,500.

Bitcoin seven-day price chart. Source: Coin360

Despite the drop, however, analysts appeared neither surprised nor bearish about the overall trend. 

In a Twitter update on Monday, the popular account known as Crypto Bull highlighted the fact that a dip to current levels represented previous resistance now acting as support. 

“Just testing that support again,” he told followers, referencing Bitcoin’s dramatic run-up…