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Bitcoin Prices Continue Sideways at $8,800

November 13, 2019 at 22:43 by Matt Jackson

Bitcoin has been trading rangebound between $8,700 and $8,800 for the past 48 hours, with prices pinching tighter. Having failed to break and retain the $8,800 mark, some analysts expect the price to drop down to the $8,500 support level. If it breaks this support level, there is stronger support at $8,000. If BTC breaks $8,800 resistance, it will have to overcome further resistance at $9,000.

Most major cryptocurrencies, including Ethereum, Ripple, Bitcoin Cash, and Litecoin, have been rangebound over the past 24 hours. However, smaller alt coins have seized the opportunity to stage a slight revival. Monero, ChainLink, NEO, and Basic Attention Token prices have risen by around 5% over the past day. VeChain and Decred have seen roughly 5% drops.

Tron has continued its recent gains after CEO, Justin Sun, yesterday confirmed that Poloniex exchange would be adding TRX/BTC, TRX/USDT, and TRX/USDC trading pairs. The news comes two weeks after a deal between Samsung and Tron had been signed, which would offer TRX support in its app store. As the news was rumored, prices rose from $0.0165 to just under $0.02. In the past 24 hours, Tron (TRX) has increased by 2.52% and is now trading at $0.02.

Derivatives exchange, CME Group, has said that it will launch bitcoin futures contracts at the start of next year, as long as it gets the go-ahead from regulators. CME launched its Bitcoin futures product nearly two years ago. According to the head of equity index, Tim McCourt, “clients have expressed a growing interest in options as another wat to hedge and trade in these markets.”

Over the past 24 hours, Bitcoin (BTC) prices have increased 0.16% to reach $8,804.89. Ethereum (ETH) and Ripple (XRP) have increased 0.96% and 0.59% to reach $188.18 and $0.274 respectively. Bitcoin Cash (BCH) prices have fallen 1.47% to $284.49 while Litecoin (LTC) has dropped 0.8% and is now trading at $61.02.

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

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