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.
Ethereum Could Climb Above $200 According To Analysts
- 4 hours RSI – The RSI for ETH/USD is currently near the 40 level, with a few positive signs.
- Major Support Level – $174
- Major Resistance Level – $200
What Drives BTC Below $10k This Summer: Analysis
Bitcoin Cash Is A ‘Wounded Animal’ Right Now: Analysts
“Looks as if it wants to pull a BTC like run soon. As long as it can close through resistance (0.035) I’ll suspect BCH is going to retest blue (0.075) which would be + 150% from here,” he said on Twitter.https://twitter.com/CryptoDonAlt/status/1160645331262070790 Nearly all of the altcoin pairs have a potential, however, since the Bitcoin dominance is still so high, Bitcoin Cash is among the altcoins with the most potential, BCH can register gains and on a shorter time frame will apparently test resistance, as a prominent CNBC trader with a handle 'Big Cheds' noted. https://twitter.com/BigCheds/status/1160681244436381696 All in all, Bitcoin Cash is in our latest cryptocurrency news. Even though it is one of those controversial digital assets that often draws a lot of attention, it is also one of the main altcoins which deserves a place in the spotlight.
“BCH is a wounded, volatile animal. A year from now it will struggle to stay above $100. The project was DOA from day-1. 90% of its market cap is the product of manipulation that will be impossible to meaningfully sustain," as described by the RT Anchor Max Keiser.https://twitter.com/maxkeiser/status/1160712205849059328
Messari Report: BTC Could Copy Gold’s Behavior And Drop Dramatically
“I would not be surprised if BTC performs like gold did 2008-2011.’’McArdle referenced some of the fresh comments that were made on gold by Raoul Pal who is the serial asset manager who presented a buoyant outlook for both Bitcoin and gold during the Stephan Livra podcast. On the topic of gold’s current return to form in line with the number one cryptocurrency, he stated that the markets are now preparing for the dollar’s own winning streak. He tweeted:
“Gold is rightly doing its job, sniffing out a BIG problem and is exploding higher, outperforming even the super strong dollar as gold begins to price in an end game of an eventual MASSIVE readjustment of the dollar (in 12 months? 18 months?).’’As it was reported in the latest cryptocurrency news, the Bitcoin price bull runs since April have started a strong debate once again about the potential long-term and gold-like safe-haven assets. There are now more and more figures that continue to shift into Bitcoin for investors that are looking for a hedge against the inflation that is currently happening. Some of the figures include Circle’s CEO Jeremey Allaire as well as some other consultancy executives this week. For example, Peter Schiff doubled down on his opinion that gold is now better than cryptocurrency. He even took it to Twitter and stated that many customers are not buying Bitcoin because it is a safe-haven asset:
“The Chinese aren’t buying Bitcoin as a safe haven. Speculators are buying, betting that the Chinese will buy it as a safe haven!”
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