Yesterday, there was a small yet substantial bearish break for the price of Bitcoin. Yesterday’s cryptocurrency news reported that the total market cap lost $9 billion and that Bitcoin went under the $6,500 support margin.
However, today’s news shows the very opposite – a new bullish trend that led the Bitcoin price to the $6,600 margin – and new $5 billion in terms of its market cap. The BTC/USD pair traded below the $6,500 level yesterday and even tested the $6,4000 support level – to later break out of the price and go beyond $6,500.
Even though the majority of technical analysts were skeptic towards the future growth of Bitcoin this month, the leading cryptocurrency showed the opposite with its recent run. One trader that goes by the alias “Rampage” has stated that the declining volume has nothing to do with a bullish run, stating:
“Declining volume, weaker bounces, lower highs. Demand is getting eaten up and it’s just a matter of time until we break support for new yearly lows. There is nothing bullish about this chart.”
Currently, Bitcoin is trading at $6,589 and is stabilizing in the above-$6,500 margins. The current market cap of Bitcoin is $114 billion and the trading volume is just below $4 billion which is still a relatively good indicator following the latest slump in daily trading volumes.
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