Bitcoin tests $9,000 while alternative currencies experience some decline

Bitcoin (BTC) was drifting around $9,000 on October 30, as the momentum behind its recent bullish march appears to be waning.

Bitcoin ranges before the mobile average intersection

Coin360 data showed that the Bitcoin pair fell against the dollar by about 3.2% on Wednesday, after spending the previous day orbiting around $9,500.

These levels have finally been rejected, as Bitcoin is poised to challenge support at $9,000 at the time the article is written. During the week, the Bitcoin pair against the dollar remained 15% high.
                                                     Bitcoin price chart over 7 days.

Focusing on the short term, one analyst dismissed the idea that bitcoin's decline from recent highs was a bearish sign.

According to market analyst filbfilb, an upcoming technical signal based on moving averages (MA) suggests that markets have remained in a general mood.

Filbfilb explained that Bitcoin's performance was "according to plan", referring to its annual outlook from July, predicting a range of $7,500 to $10,000 until May 2020.

Alternative currencies slowly erase gains.
At the same time, alternative currencies are also beginning to react with the lack of upward movement in Bitcoin, causing their previous levels to deliver daily losses of up to 3%
ETH, the highest alternative currency by market value, fell 1.2% to $185, while other major tokens performed similarly.
                                           A seven-day ethereum price chart.
The worst among the top 20 currencies was The Montero (XMR), which saw a 5.3% drop from Wednesday's price.
The total market value of cryptocurrencies was $247 billion, and Bitcoin's share was 67.2%.

    #Market Update  #Ethereum Price  #Markets  #Alternative currencies

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