Bitcoin continues the range as traders forecast a possible drop to $ 8,400

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Bitcoin (BTC) struggled to regain the $ 8,800 level on November 12 after selling pressure pushed the market's biggest cryptocurrency to lower lows late on Monday.

Bitcoin failed to break the $ 9,000 level

Data from Coin360 shows that BTC / USD traded between $ 8,700 and $ 8,800 as of Tuesday morning, the lowest recorded in the past 24 hours of $ 8,630.

Although volatility has waned in recent days, Bitcoin is still trading low as the week begins, losing major support at $ 9,000.

The coin has broken out of its previous trading range, with BTC now laying the foundation for further bearish momentum, analysts said.

In his most recent tweet, CoinTelegraph contributor analyst Michaël van de Poppe saw the potential for BTC / USD to drop to the $ 8,400 zone.

“The range can be continued here. For the bulls; break back on $ 9,050, ”he wrote on Twitter.

Van de Poppe added that the current price behavior represents a bull-bear struggle against Bitcoin, something that is nonetheless repeating in the altcoin market.

Despite its current decline in price, Bitcoin is still much higher than the model forecasted for this year. As Toiyeubitcoin reported, the most accurate models suggest an average BTC / USD price of $ 8,300 until the halving event in May 2020.

Altcoins diverged from BTC's sluggish move

The altcoin market over the past 24 hours shows mixed signals. While Bitcoin is mostly static, a move of up to 5% characterizes the top 20 cryptocurrencies by capitalization.

Ether (ETH) - the largest altcoin, has copied Bitcoin's behavior, dropping just 0.25% to maintain $ 186.

However, NEO (NEO) was the top 20 leader today with a gain of almost 6%, and Chinese tokens began to expand in late October.

Total crypto market capitalization is at $ 240.3 billion at the time of writing, with Bitcoin accounting for 66% of the total.

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