Bitcoin Price Grinds Closer to $8K as $7,500 Support Remains Intact
William Suberg's original article for cointelegraph.com reduced by 79%
Bitcoin inched closer to $8,000 on Nov. 29 after maintaining its previous gains for another day. Since the bullish shift on Nov.
25, Bitcoin has broadly held onto its higher levels, with only a brief dip below $7,400 challenging a steady grind higher. At press time, Bitcoin traded at just above $7,550, near its weekly high of $7,640. Markets broadly shook off recent negative sentiment over a Chinese crackdown on cryptocurrency trading and an assumed insider hack at South Korean exchange Upbit this week.
Longer-term, Bitcoin was still down 16% compared to the same time last month, while weekly, the largest cryptocurrency managed 7% gains. Altcoins meanwhile settled in line with the relatively stable Bitcoin price on Friday. The overall cryptocurrency market cap was $206.2 billion at press time, with Bitcoin's share at 66.4% of the total.
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