- The number of Bitcoin transactions are increasing, but the price isn’t.
- Critical support is created by $6200.
It seems BTC/USD settled under $6,300 for now as bears have had an upper hand across the vast majority of cryptocurrencies. At the start of the week, Bitcoin attempted a recovery, but $6,400 resistance showed to be too strong and therefore difficult to be taken out.
However, the sluggish movements in price are accompanied by an increase in daily transactions. On 12th November, for the first time since the end of January, the number of confirmed transactions daily within the Bitcoin mainnet exceeded 300,000. It is important to note that, in December 2017 Bitcoin touched the all-time high, when its daily transactions surpassed 490,000. The decrease continued till April 2018 and bottomed out at 135,129. Meanwhile, there has been a steady growth in the hash rate since December 2017 and has spent the recent two months in a range 45 TH/s – 60 TH/s.
Bitcoin (BTC) Price Today – BTC / USD
The price is moving in a range limited by $6,300 and $6,500; Coinmetrics.io research has revealed that just one out of four Bitcoins has ever moved between addresses and kept for more than 6 months.
The Technical Picture of Bitcoin
Considering the longer-term perspective, BTC/USD is capped by $6,400 handle, which is closely followed by DMA50 at $6,427 and DMA100 at $6,500. This level corresponds with the upper border of the recent range, which has to be cleared before the coin can move towards the $6,780-$6.800 area.
The critical support lies with $6,200 on the downside. Once below, the sell-off might continue towards the recent low $6,060.