The Cryptocurrency market has experienced one of the craziest fluctuations over the past 72 hours of trading. This has not been seen in recent years and has been triggered by the increase of Bitcoin price that has occurred once again.
Bitcoin Now Trading At $6,450
With its market price now standing at $6,450, many can’t stop wondering if the Cryptocurrency market has finally hit a bottom. The unexpected drop in the value of the US Dollar, Tether, led premiums on main coins like Ethereum and Bitcoin to materialize. This, for a short time, pushed the price of Bitcoin to $7,700. In real senses, Bitcoin’s price on fiat-to-crypto exchanges like Bitstamp and Coinbase did not go beyond $6,700. The short-term Bitcoin recovery from $6,150 to 46,450 is still considered as a positive market improvement for mid-term. This recovery was supported by a growth in daily trading volume from $3.2 billion to a total of $4 billion.
It’s Now Time For Bitcoin To Rally
It is evident that this market is not ready to launch a strong short-term rally like the one that was witnessed in February and April. During this time, the price of Bitcoin grew from $6000 to $8000, just within few minutes. But looking carefully at the BTC weekly chart, a bottom-like trend that has been in existence for the past three months is seen.
Market experts are very optimistic in the Bitcoin outlook over the months since it has shown a degree of stability that had never been witnessed since June 2017. From the 9th of August 2018, Bitcoin has defended the $6,000 support level and stayed stable in the region of mid $6,000.
Looming Bear-Biased Market
The technical virtual coin analysts have generally echoed a similar sentiment based on the short-term trend of Bitcoin. Should BTC price fails to maintain a momentum that is above the range of $6,400 to $6,500 with enough volume, then the market will definitely become bear-biased for another time. But if this dominant crypto coin breaks out of the $6,500 mark easily and put the $6,800 resistance level to some test, then a trend reversal towards the end of the year could be witnessed. It will be remembered BTC already had temporarily broken out of a prolonged descending trendline that goes back to January.
In the past 24 hours, Bitcoin’s daily trading volume has slightly fallen from $4.5 billion to $4 billion. Bitcoin’s daily trading volume has acted as a real indicator of the crypto market trend. The volume of the Cryptocurrency market also experienced some decline as it fell from $15 billion to $12 billion. This suggests that the market traders are holding back high risk, and return trades up to the point when BTC will assure them of a positive short-term growth.
Apart from Bitcoin, there are other tokens that have also recorded awesome gains. Some of them are Brave Attention Token – BAT and OX – ZRX, which witnessed a 10% and 30% increase in value respectively.