Bitcoin Breaks Through $6,700, Downtrend More Likely Than Rally

The crypto markets have been getting mixed signals lately. However, over the past 24 hours, Bitcoin managed to push through ,700 and record new gains.
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Most of the other altcoins followed, except from one in the top ten list that didn’t saw any major fluctuations.

The spotlight has been Bitcoin and the challenging $6,600 that it managed to break through. Right now, Bitcoin is trading at $6,732 which is above the $6,400 to $6,400 resistant level which has been described by Fundstrat as crucial for reversing the existing downtrend.

Ethereum (ETH), on the other hand, is up over 2% over the past 24 hours and is now trading at $470 at press time. The cryptocurrency is also holding the gains made during the market uptick on June 30th which made it rise up from near $400.

Meanwhile, Tether’s daily volume has increased 10% to $2 billion, signifying that traders on exchanges like Binance have started to hedge the value of major digital assets against the value of the US dollar through stablecoins.

Even though since July 2nd, we are seeing Bitcoin over the $6,000 region and constantly climbing, the leading cryptocurrency has also struggled to initiate a major movement on both the upside and downside, mainly because of the low daily volume of BTC.

So, in the short-term, it is likely for Bitcoin to fall to the lower end of $6,000 than to rise above $7,000 mark. In the mid-term, however, a major break could be recorded – and a large rally can be expected.

In the end, the volume is the main concern for the market. As of right now, the volume of BTC is struggling to remain above $4 billion, demonstrating a volume that is similar to that of Tether *USDT).