Bitcoin Steady Above $9.2K as 'Volatility Collapse' Predicts Big Move

Bitcoin continued its downtrend on Nov. 7, barely keeping support above $9,200 as market commentators stay realistic about the future.

"Much bigger" BTC price move could come this week.

Data from Coin360 shows BTC/USD down 1.6% on the day, circling $9,250 after a sudden dip saw markets bounce off $9,200.

The week's behavior continues a broader trend which Cointelegraph reported on previously - Bitcoin remains range-bound between $9,000 and $9,500.

For Jim Wyckoff of gold outfit Kitco, that watershed could appear before the end of the week.

"Recent price action has choppy, quiet and sideways. This 'collapse in volatility' suggests a much bigger price move is right over the horizon-maybe yet this week," he summarized on Wednesday.

For regular Cointelegraph contributor Michaël van de Poppe meanwhile, Bitcoin appears to be in a similar position to 2016, just before markets began a breakout to all-time highs of $20,000.

For him, Bitcoin hitting nearly $14,000 earlier this year followed by a consolidation period means that next in line is an uptick.

Ether, the largest altcoin by market cap, lost $190 support after performing strongly through the week.

The overall cryptocurrency market cap stands at $250 billion, with Bitcoin's share equating to 66.8% of the total.