Bitcoin Falls Below $9,000 as Price Teases Trading Corridor Breakdown
William Suberg's original article for cointelegraph.com reduced by 42%
Bitcoin price lost support at $9,000 on Nov. 8 after several days of downward action finally saw markets make a decisive move. Data from Coin360 showed BTC/USD breaking out of its narrow trading corridor between $9,000 and $9,500 on early Friday.
In daily trading, Bitcoin hit local lows of $8,980 before likewise bouncing higher, with markets currently trading at around $9,000. Earlier, erratic moves CME Group's Bitcoin futures market gained particular attention. There, the Bitcoin price moved to fill a "Gap" in trading - observed when one session ends higher or lower than where the next begins - by suddenly crashing by hundreds of dollars before recovering minutes later.
Filling in futures gaps has become standard behavior for Bitcoin, with analysts using them to forecast potential market drops. Beyond Bitcoin, Friday saw further poor performance for two major altcoins: XRP and Bitcoin SV. As previously noted, XRP, the token notionally associated with payment network Ripple, failed to impress as the latter's annual Swell conference got underway this week.
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Summarised crypto news.