Bitcoin Cash was in the spotlight in our altcoin news section – mostly because of its 20% rally that fueled the crypto market and one that was mainly driven by the Initial Public Offering (IPO) of Bitmain.
However, the rest of the crypto market remained quite stable. Bitcoin, for example, is still hovering around the $6,500 margin while ETH, Ethereum’s native cryptocurrency, is above the $200 margin and trading at $214 (at press time).
A lot of traders are asking themselves if a short-term rally could be what’s next in the market. According to one respected analyst in the cryptocurrency community who goes under the handle ‘Crypto Dog’, a short-term rally could be possible only if the valuation of the crypto market breaks out of the $115 billion mark.
“This is exactly what you want to see on a retest. So far so good. Clear the $114 billion marketcap resistance and we’re due for another large gap up,”
A lot of analysts and investors are confident in the market’s future. One of them is Mike Novogratz, the all-time Bitcoin bull, who last week said that $6,600 is an important resistance level for the most dominant cryptocurrency.
If we see Bitcoin’s momentum over the past week, it is safe to say that the major cryptocurrency in terms of market cap is in a downtrend – declining from around $6,600 to the current $6,478. This is mainly because of the low trading volume, which is expected to rise according to many.
What’s certain is that the low trading volume presents a problem for many traders, especially when it concerns Bitcoin, as the low volume could also trigger BTC to drop below the $6,400 mark in the next 12 to 24 hours.
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