Bitcoin (BTC) brutal below $8,000 overnight on Jan. 8, ending a brief flow of bullish action that saw the price striking its highest since November 2022.

Cryptocurrency market daily overview

Cryptocurrency market daily overview. Source: Coin360

BTC tests new upper $7K support

Data from Coin360 and Cointelegraph Markets showed support in the $8,000 range prove to be weak, BTC/USD hitting 24-hour lows of $seven,850.

The pair had reached every bit high as $viii,400 on Wed, while at press time, markets were targeting an expanse $500 lower near $seven,900.

Bitcoin 7-day price chart

Bitcoin seven-solar day cost chart. Source: Coin360

As Cointelegraph reported, Bitcoin began making gains terminal week as the crisis in Iran unfolded, despite mixed opinions over whether geopolitical events were influencing the cryptocurrency.

While the highest levels lasted simply a matter of hours, analysts began turning their attending to the probability of Bitcoin sustaining support closer to $8,000 or more.

For regular Cointelegraph contributor Michaël van de Poppe, the retracement looked primed to bounce at press fourth dimension levels. These, he noted, represented a gap in CME Bitcoin futures prices — around $vii,680 — something Bitcoin has historically sought to "fill" on multiple occasions.

"This flip would be the best + endmost the CME gap," he summarized in his latest Twitter mail service on Thursday.

Continuing, Van de Poppe suggested that potential bounciness could send BTC/USD much higher than Wednesday'southward peak:

"Breakout upwards and I'd be aiming for $9,500 (or $11,000 as $9,500 is the aforementioned as $6,000 -> everybody wants to short there -> actress fuel)."

Nonetheless, the potential for downside remained, with a return to recent lows of $6,400 also possible, he added.

In the long term, the mood is meanwhile turning steadily bullish. Equally Cointelegraph noted, celebrated Bitcoin proponent Murad Mahmudov this week turned to the Wyckoff Method to demonstrate the strength of Bitcoin's current position.

Specifically, he concluded, BTC/USD had delivered a then-called "sign of strength" signal which paved the style for further upside.

Altcoins copy Bitcoin retracement

Altcoin markets showed sensitivity to Bitcoin's latest losses, with the bulk of the top twenty cryptocurrencies shedding effectually five%.

Ether (ETH), the largest altcoin by market cap, fell 4% to $138, while Cardano (ADA) and Chainlink (LINK) fared worse, each losing close to seven% on the twenty-four hour period.

Ether 7-day price chart

Ether seven-twenty-four hour period toll nautical chart. Source: Coin360

The overall cryptocurrency market place cap was $209.2 billion, with Bitcoin's share at 68.seven%.

Go along track of peak crypto markets in real time hither