On October 15, bitcoin slumped to $6,150, which indicates that the price is likely heading to the $6,000 support level it maintained in August. Later the same day the price of bitcoin surged from $6,150 to $6,700. As such, investors believe that the price of bitcoin will eventually break out of the $6,800 resistant level. This will set up the price of bitcoin for the $7,000 region.
Bitcoin (BTC) Price Today – BTC / USD
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Bitcoin Records an Increase in Trading Volumes
However, bitcoin has fallen back to the $6,600 region. Yet, investors are confident that its fall to $6,150 is the launching pad for bitcoin’s short-term rally. As such, analysts like AngeloBTC have come out to reiterate this speculation. AngeloBTC stated that bitcoin’s weekly chart indicates that the coin has hit its last dip ever when it dropped to $6,150.
Earlier on Monday, the price of bitcoin hit $7,200 on crypto exchange platforms that supported the USDT. The surge was attributed to the fall of tether below $1, which is quite unusual for a US-backed stablecoin. Therefore, this event indirectly led to the short squeeze of BTC. subsequently, the price of Bitcoin surged across all platforms. In addition, the volume of bitcoin rose from $3 billion to $7 billion last week.
Data from shapeshift’s CoinCap.io reveal that the trading volume of bitcoin surged from $2 billion to $5.6 billion in just 12 hours. This is a positive indicator that bitcoin is poised for a short-term rally. Especially, if we consider that the digital asset’s volume has been affected by the decline in trading activities. Major crypto platforms have recorded a decline in trading activities in the last three months. In particular, a report reveals that Coinbase’s active users had declined by over 80% since January.
According to Crypto Rand:
“Bitcoin printing the biggest volume candle since April and holding over the main downtrend resistance. Looking great. PS: I chart BTC using an index combination of Coinbase, Bitstamp, Bitfinex, Binance, and Kraken in order to minimize the data deviation.”
Can Bitcoin Breach The $6,800 Resistance Level?
The crypto market has struggled since its bullish run in December. As such, bitcoin’s 2018 price slump is pegged at 60 percent as it has continued to hover around the $6,500 region. Bitcoin BTC has struggled to cross the $6,800 resistant level. However, the price surge yesterday shows that Bitcoin could break out of the resistant level, which will lead to a short-term rally. The crypto community is hoping that new developments like Fidelity’s adoption of Bitcoin will positively contribute to bitcoin’s price recovery.
