Over the past 24 hours, the price of Bitcoin Cash has increased by 20% as a result of Bitmain's initial public offering (IPO). The rest of the cryptocurrency market remained relatively stable in the low price range. The cryptocurrency market valuation remained in the range of $114 to $115 billion, while the price of Bitcoin and ETH rose by 0.5%.
Crypto Dog, a respected technical analyst in the cryptocurrency community, said that if the cryptocurrency market valuation breaks above $114 billion, a short-term rally could occur. Over the course of this week, many experts and prominent investors, including billionaire and hedge fund owner Mike Novogratz, have identified $6,600 as an important resistance level for Bitcoin.
Bitcoin price has been in a downtrend over the past few days, falling from $6,520 to $6,440. However, just like what happened on September 26th, if Bitcoin's volume can be maintained in the $4 billion range, then a slight price increase may begin in the short term. But to confirm the short-term rally, Bitcoin will need to return to $6,600 in the next few hours. 18 hours ago, the Bitcoin price reached $6,550 and then experienced a downward trend. If Bitcoin fails to break through the $6,500 limit, given the growing selling pressure since September 22, it is highly likely that the Bitcoin price will drop to the lower limit of $6,000.
If Bitcoin experiences a surge in volume and does reach the $6,500 mark in the coming hours, a strong short-term rally is expected, especially given that Ripple (XRP), Ethereum (ETH) and Bitcoin Cash (BCH) were the better performers last week, with most tokens struggling to register any significant upward price movement.
Bitcoin's low volume therefore poses a problem for traders as it can lead to BTC will fall below the $6,400 mark in the next 12-24 hours.
Although most major cryptocurrencies and tokens have significantly outperformed Bitcoin in terms of price appreciation levels since mid-September, the overall market trend is still heavily dependent on Bitcoin's performance. Given the weak short-term rally, a short-term rally likely won't happen in the near future unless Bitcoin shows a strong recovery.
Already, XRP and BCH have begun to recover, with Ripple falling over 3% in a matter of minutes, widening the gap between Ethereum and Ripple to a billion dollars.. Due to the unpredictability of price behavior in recent weeks, the current phase of the cryptocurrency market does not provide a real opportunity for investors to explore high-risk trades, especially tokens, since their price is generally dependent on the price movement of Bitcoin.
According to https://www.ccn.com/
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