Bitcoin (BTC) stayed rangebound on Dec. 2 after a descent from near $8,000 over the weekend failed to crack the $7,000 support.
Cryptocurrency market daily overview. Source: Coin360
Bitcoin volatility lessens but $7.5K evades traders
Data from Coin360 showed the largest cryptocurrency trading in a narrower $300 corridor as the week began, with 24-hour performance bottoming out at around $7,180.
At the top of the range, BTC/USD nonetheless failed to retake $7,500, at press time fluctuating around $7,300.
Bitcoin seven-day price chart. Source: Coin360
The reduction in volatility soothed analysts, who were able to predict potential short-term moves for Bitcoin with a greater degree of certainty on Monday.
For regular CryptoX contributor Michaël van de Poppe, upside potential now focused on breaking $7,400, which could then form a gateway to higher resistance at $8,100.
Highlighting the current price point on a fresh chart on Monday, he added that a failure to maintain it would result in only a modest downturn.
“If we can’t hold this purple zone around $7,250, I’m going to aim for $6,900 retest,” he wrote in accompanying comments.
Previously, van de Poppe had highlighted the fact that overall, the danger for traders were not over; markets could still continue selling pressure to send Bitcoin lower.
On the day, many were also waiting for BTC/USD to continue traditional behavior and fill a “gap” in Bitcoin futures trading prices.
A futures gap refers to the difference between when one Bitcoin futures trading session ends and another begins. On Friday, CME Group’s monthly futures settled $315 higher than the point at which they opened on Monday.
The historically accurate trend thus calls for Bitcoin to hit an area around between $7,465 and $7,800.
Altcoins fall in line as Bitcoin calms
Altcoin markets meanwhile broadly reflected Bitcoin’s flatter performance at the start of the week.
Ether (ETH), the largest altcoin by market cap, traded 1.6% lower at press time, just failing to preserve already weak support at $150.
Ether seven-day price chart. Source: Coin360
Other cryptocurrencies delivered similar moves, with EOS (EOS) ad Litecoin (LTC) noticeably worsening their positions, losing 3.4% and 4.41%, respectively.
The overall cryptocurrency market cap was $199.3 billion, with Bitcoin’s share at 66.5% — 0.1% lower than the day before.
