In our latest Bitcoin news, we see an increase in the volume of the number one cryptocurrency just as the coin broke the $6,600 mark and reached a 12% increase in volume up to $3.6 billion.
The inability of Bitcoin to show an improved recovery in the past 24, prevented all other coins on the market from starting a major rally. Smaller tokens such as Polymath recorded an 8% gains in the past 24 hours.
Prominent traders and analysts are expecting a large shift on the upside but don’t exclude a possible move to the downside either. Since the volume of the crypto exchange market is relatively low, there’s no guarantee that Bitcoin will make its next major move breaking both the resistance levels at $6,800 and $7,000.
However, it’s possible that Bitcoin will see a substantial boost in the volume breaking the $6,800 level and eventually go through a bumpy ride before starting a short-term rally.
Crypto Dog, a respected crypto trader, explained that Bitcoin is very likely to start an upside movement by saying:
“BTC is nearing apex of this consolidation pattern, hopefully we see a break upwards in the next day or two. From my experience, the longer a consolidation pattern (the closer price ranges to apex), the more likely it is to break down rather than up.”
If we take a look historically, Bitcoin has a tendency to go on a strong recovery right after it spends a couple of months of a noticeable stability. So, it’s very possible that August and September were the months of stability for Bitcoin and October would be the month when this major asset tests the $7,000 resistance level.
When it comes to the rest of the market, Ripple, Ethereum, and BCH struggle to show any kind of major movement on the market. They did, however, record a minor drop in the past 24 hours.
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