Bitcoin Price in 'Golden Pocket' as Trader Warns of $7,400 Breakdown

Bitcoin failed to reclaim $8,500 on Nov. 18 as market sentiment continued trending downwards over the weekend.

In his most recent Twitter update, van de Poppe added that while the overall situation was "Still not bad," losing support at $8,400 would open up the potential for Bitcoin to return to $7,400.

The move would mark a return to levels broken last month in an abrupt bull run which took the cryptocurrency to over $10,500.

Other sources were also weary, with trader Scott Melker eyeing a breakdown in Bitcoin's relative strength index.

A measure of price change, RSI breaking resistance can spill over to impact on Bitcoin price.

"RSI has broken through both major descending resistances. Price usually follows," Melker said on Sunday.

As Cointelegraph reported, RSI action suggests Bitcoin is now at the start of a new extended price cycle.

Across the top twenty cryptocurrencies by market cap, most coins fell by around 1.5% on the day.

Among the exceptions was market leader Ether, which managed to stave off losses and trade sideways at $183.Ether 7-day price chart.

Tezos managed a stronger performance, rising 3% to hit $1.19, while VeChain achieved 2.8% gains and Cardano 4.3%. The overall cryptocurrency market cap stood at $234.3 billion, with Bitcoin's share at 65.9%.Keep track of top crypto markets in real time here.