Bitcoin continues to traverse sideways.
After it hit an all-time high, surpassing $8,300 earlier this week, bitcoin’s value is now in the range of $8,000-$8,300.
As of this writing, the bitcoin-U.S. dollar (BTC/USD) exchange rate is at $8,161 levels.
According to data, the world’s largest cryptocurrency by market capitalization has depreciated by 1% in the last 24 hours.
While BTC is keeping stead above the $8,000 mark, the upside is being seen at around $8,300.
The subdued trading conditions can be attributed in part to the Thanksgiving holidays in major markets.
Furthermore, concerns regarding the financial health of Bitfinex, one of the largest exchanges, are having an impact as well.
However, the investor community isn’t at all too concerned about the Bitfinex issue.
Instead, the community examining the impact of the rally in bitcoin cash (BCH) and ethereum (ETH) prices on bitcoin.
Comments on social media show that investors are expecting the number one cryptocurrency by market value to feel the intensity of rallies in alternative currencies.
More importantly, the price action review shows scope for a healthy pullback.
Although the longer outlook still remains optimistic with advocates of bitcoin predicting a value of $10,000 price by years’ end.
A break below the rising channel support level of $8,020 could yield a pullback to $7,600 levels.
Further losses are unlikely as the 10-day MA ($7,800) is curled up in favor of the bulls.
What’s next can be a rebound from the channel support, followed by a move above $8,300 that would open an avenue for a rally to a new record high around $8,550 (rising channel resistance).
