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Bitcoin Falls $500 to $8,600 and Could Fall Further Before Upside

November 12, 2019 at 0:28 by Matt Jackson

Bitcoin has shed $500 from its price in the past 24 hours, reaching a daily low of $8,600. Although some analysts have pointed to a bullish golden cross forming, more cautious analysts are awaiting a fall to $8,500 before any significant upside is realized. Bearish sentiment has dragged the rest of the major cryptocurrencies in a similar direction with Stellar being the largest coin to make gains. V Systems is the only coin in the top 100 to have made double-digit gains against the dollar.

Having posted back-to-back weekly losses, investors had hoped for some positive movement from Bitcoin, but the world’s largest cryptocurrency has fallen a further 5% on the day, reaching a 24 hour low of $8,618.68 and currently trading just above $8,700. Analysts have pointed to Bitcoin’s rejection of the descending trendline for three straight weeks in a row as being an indication that the coin is running out of steam. They have also warned that a failure to hold the $8,500 level would leave the asset exposed to prices of $8,000.

A bullish scenario sees a golden cross forming on the 50-week and 100-week moving averages. If this scenario plays out, it would mean a break upwards of the price is likely.

An unusual source has come out as bullish for Bitcoin. The Chinese state-run Xinhua News Agency has said that Bitcoin was the first successful example of blockchain. Although they stopped short of praising the currency, it still represents another step in an about-turn of state opinion. China had previously banned the trading of decentralized currencies. They have been warming to the topic in recent weeks, however.

Chinese e-commerce giant, Alibaba, has taken the opportunity to get on board. They have partnered with shopping reward app Lolli to offer Bitcoin cashback to Alibaba shoppers. Alibaba users can now receive Satoshis as a reward for buying items from the company.

Elsewhere in cryptocurrency, employment site has announced that they are now seeing a larger number of cryptocurrency job ads. However, the number of searches for jobs in this sector has decreased significantly. This represents good news for blockchain and cryptocurrency experts looking for employment but could represent bad news for the industry as a whole.

Bitcoin (BTC) prices have fallen 3.37% and the cryptocurrency is now trading at $8,762.11. Ethereum (ETH) and Ripple (XRP) have also posted losses, falling 2.32% and 1.99% to trade at $185.48 and $0.275 respectively. Bitcoin Cash (BCH) has shed 2.68% from its price and now costs $287.08 while Litecoin (LTC) has lost 3.06% and is trading at $62.00.

If you have any questions and comments on Bitcoin today, use the form below to reply.

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