Bitcoin Price Back Below $8K After Failing to Crack 'Heavy Resistance'

Bitcoin regained $8,000 on Oct. 23 after a fresh bearish move canceled out progress towards the top of its trading range.

Bitcoin rejected at $8.3K. Data from Coin360 showed another frustrating 24 hours for BTC investors, who on Tuesday watched as markets briefly passed $8,300 before tumbling to a low of $7,930.

Heavy resistance has meant Bitcoin has so far failed to stay closer towards the top of that range, despite late optimism on Tuesday.

"Well, Bitcoin says; we'll continue the ranging and won't be breaking above $8,300 yet," he summarized in an update on Twitter.

While price action has underwhelmed since August, proponents have stopped short of calling current conditions a bear market.

"Holding through a bear market is hard, however holding through a bull market can even be harder. The fear of missing more profits or the fear of losing it all again are hard to deal with," he wrote.

Bitcoin's 3% daily losses translated into similarly weak performance for some altcoins.

Ether, the largest altcoin by market cap, fell 3.7% to hit $167.Ether seven-day price chart.

Some in the top ten fared worse, including both Bitcoin Cash and Bitcoin SV, which shed 4.3% and 4.2% respectively.

The overall cryptocurrency market cap shed a total of $8 billion overnight to hit $218 billion, with Bitcoin's share nonetheless still at 66.5%.Keep track of top crypto markets in real time here.