Bitcoin Price Returns to $7.6K as Markets Reaffirm New Support Levels

Bitcoin hit $7,600 on Oct. 25 after a spell of bullish upward action saw 2% gains occur in a matter of minutes.

At press time on Friday, Bitcoin was fluctuating around the new levels, still down around 8% versus the beginning of the week.

The latest in a series of abrupt moves, the potential reasons for the behavioral shift are still becoming clear.

Cointelegraph contributor Michaël van der Poppe had previously noted the 200-day moving average for Bitcoin would form a likely support area.

Resistance for Bitcoin still remains heavy closer to $8,500.

"It's going to need new energy to really make the big move," he said in an interview with CNBC.Altcoins capitalize on positive moves.

Altcoin markets meanwhile began taking advantage of Bitcoin's reversal, gaining fairly strongly on the day.

Ether, the largest altcoin by market cap, was up 2.8% at close to $166, in line with most coins in the top twenty.

Others performed even better, with XRP gaining 4.4% and Binance Coin 5.8%. A freak move by Bitcoin SV nonetheless stole the show, climbing 16% in the past 24 hours.

The overall cryptocurrency market cap was $208 billion, with Bitcoin's share at 65.6%.Keep track of top crypto markets in real time here.