Bitcoin Price Can Bounce to $9.5K After Filling Futures Gap — Analyst
William Suberg's original article for cointelegraph.com reduced by 79%
Bitcoin fell below $8,000 overnight on Jan. 8, ending a brief period of bullish action that saw the price hit its highest since November 2019.Cryptocurrency market daily overview. As Cointelegraph reported, Bitcoin began making gains last week as the crisis in Iran unfolded, despite mixed opinions over whether geopolitical events were influencing the cryptocurrency.
While the highest levels lasted only a matter of hours, analysts began turning their attention to the probability of Bitcoin sustaining support closer to $8,000 or more. These, he noted, represented a gap in CME Bitcoin futures prices - around $7,960 - something Bitcoin has historically sought to "Fill" on multiple occasions. As Cointelegraph noted, celebrated Bitcoin proponent Murad Mahmudov this week turned to the Wyckoff Method to demonstrate the strength of Bitcoin's current position.
Altcoin markets showed sensitivity to Bitcoin's latest losses, with the majority of the top twenty cryptocurrencies shedding around 5%. Ether, the largest altcoin by market cap, fell 4% to $138, while Cardano and Chainlink fared worse, each losing close to 7% on the day. The overall cryptocurrency market cap was $209.2 billion, with Bitcoin's share at 68.7%.Keep track of top crypto markets in real time here.
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Summarised crypto news.