Bitcoin Price Drops to $6,400, the Decline may go up-to $6,000 till the End of this Year

Must Read

Total Assets Under Management Of Grayscale Have Grown To $3.3 Billion

A recent tweet by Grayscale's official Twitter account mentioned that on February 19, 2020, "Net Assets Under Management,...

bZx Hackers Trying To Move The Stolen Currency Reports CoinHolmes

The recent hacks at bZx have led to many people questioning the DeFi (decentralized finance) system. An analysis...

Brendan Blumer Suggests Gold And Bitcoin Are Similar And Anyone Favoring One Over The Other Is Undermining Both

Brendan Blumer talked about the similarity between Gold and Bitcoin. A person is showing his or her own...
5d85c99dd353c-bpfull
Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

The low volume of Bitcoin remains a concern for traders, as it demonstrated the lack of interest in investors in the cryptocurrency exchange market to initiate trades in a period of uncertainty and stability in a low price range.

“On Coinmarketcap, the volume of Bitcoin fell to $3.1 billion while it fell to $1.91 billion on CoinCap. The previous yearly low point of the Bitcoin volume was $3.2 billion on Coinmarketcap and $2 billion on CoinCap.”

In the last 24 hours, the Bitcoin price has experienced a gradual decline from $6,500 to $6,410, struggling to demonstrate momentum in the relatively low region of mid-$6,000.

Cryptocurrency trader and technical analyst Cred stated that in a tight price range, traders are observing the market to provide clarity on the short-term trend of major digital assets.

Over the past seven days, Bitcoin has remained stable at $6,400, failing to show any recognizable movement on both the upside and downside. The continuous stability in BTC led traders to prevent filing trades and wait out for BTC to confirm its short-term trend, which could have led to the decline in the daily trading volume of the asset.

The daily trading volume of the cryptocurrency exchange market tends to dip, as professional traders and institutions prevent from engaging in major trades throughout the weekend.

Hence, many traders expected the volume of Bitcoin to rebound the following day, hopeful for a short-term price movement in the range of $6,500 to $6,800.

While the volume of BTC has increased from $3.1 billion to $3.4 billion, the magnitude of the rise in volume was lower than the expectations of investors. The low volume of BTC has affected the rest of the market, as many cryptocurrencies recorded minor drops in the range of 0.5 to 2 percent.

If BTC can initiate a breakout above the $6,600 mark and potentially eye a move towards the $6,800 resistance level, then a bullish short-term trend can be confirmed. However, if it continues to show low volume and trading activity in the $6,300 to $6,500 range, it will be challenging for BTC to initiate a big spike.

In summation, it is highly unlikely for BTC to fall to the lower region of $6,000 given its strong defense of the $6,000 support level since late July.  But, to secure a short-term rally, BTC will need to initiate a sudden spike in price.

Hot News

Total Assets Under Management Of Grayscale Have Grown To $3.3 Billion

A recent tweet by Grayscale's official Twitter account mentioned that on February 19, 2020, "Net Assets Under Management, Holdings per Share, and Market...

bZx Hackers Trying To Move The Stolen Currency Reports CoinHolmes

The recent hacks at bZx have led to many people questioning the DeFi (decentralized finance) system. An analysis from Peckshield security shows that...

Brendan Blumer Suggests Gold And Bitcoin Are Similar And Anyone Favoring One Over The Other Is Undermining Both

Brendan Blumer talked about the similarity between Gold and Bitcoin. A person is showing his or her own insecurities regarding Gold or Bitcoin...

OKEx Exchange Launched Spot Margin Trading And Savings For 19 New Digital Assets

OKEx announced the launching of 19 new digital assets for spot margin trading and saving service from February 21, 2020. OKEx exchange is...

Two Arrested in Investigations with Cryptovaultua for Money Laundering

The Fiscal Information and Investigation Service has arrested two men in suspicion of money laundering with cryptocurrency. The investigations led by the Functional...

Ripple Partner Ria Money Transfers Joins Forces With Austrian Post for Remittance Service

Euronet Worldwide connected with Ripple and integrated the Ripple cryptocurrency. Ria Money Transfer is a subsidiary of Euronet Worldwide. The partnership will be...

bZx Hackers Trying To Move The Stolen Currency Reports CoinHolmes

The recent hacks at bZx have led to many people questioning the DeFi (decentralized finance) system. An analysis from Peckshield security shows that...

Brendan Blumer Suggests Gold And Bitcoin Are Similar And Anyone Favoring One Over The Other Is Undermining Both

Brendan Blumer talked about the similarity between Gold and Bitcoin. A person is showing his or her own insecurities regarding Gold or Bitcoin...

OKEx Exchange Launched Spot Margin Trading And Savings For 19 New Digital Assets

OKEx announced the launching of 19 new digital assets for spot margin trading and saving service from February 21, 2020. OKEx exchange is...

Two Arrested in Investigations with Cryptovaultua for Money Laundering

The Fiscal Information and Investigation Service has arrested two men in suspicion of money laundering with cryptocurrency. The investigations led by the Functional...

RELATED NEWS

Total Assets Under Management Of Grayscale Have Grown To...

A recent tweet by Grayscale's official Twitter account mentioned that on February 19,...

bZx Hackers Trying To Move The Stolen Currency Reports...

The recent hacks at bZx have led to many people questioning the DeFi...

Brendan Blumer Suggests Gold And Bitcoin Are Similar And...

Brendan Blumer talked about the similarity between Gold and Bitcoin. A person is...