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Price Of Bitcoin Drops To $6,400, Low Volume Is Still A Concern For Traders



Over the past 24 hours, the latest Bitcoin news shows that the price of Bitcoin has declined to $6,400 and struggled to demonstrate momentum in the low region of mid-$6,000. The drop showed that the low volume of Bitcoin still remains a concern for traders, as it demonstrates a lack of interest investors in the crypto market to initiate trades in a period when the high volatility, low volume, and minimum stability of the market is still in question.

As a recent report by CoinCap reads:

“On Coinmarketcap, the volume of Bitcoin fell to $3.1 billion while it fell to $1.91 billion on CoinCap. The previous yearly low point of the Bitcoin volume was $3.2 billion on Coinmarketcap and $2 billion on CoinCap.”

The daily trading volume on cryptocurrency exchanges also tends to dip as professional traders, as well as institutions, are not currently engaging in major trades. Over the weekend, there was a low volume of trades in Bitcoin and the other altcoins, which resulted in the price decline.

At the same time, this is why many traders expect the volume of Bitcoin to rebound in a short-term price movement in the $6,500 to $6,800. As some of the analysts noted, traders are observing the market to provide clarity on the short-term trend of major digital assets.

“Tight range — waiting for the market to provide evidence of direction. Will be looking for longs on a pullback > $6,500 or at $6,100 – $6,200. I don’t want to be a seller at low-mid $6,000s. Don’t chase trades in the chop; wait for clarity and anticipate,” one of the analysts concluded.

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Altcoin News

Crypto Trader DataDash Says That Bitcoin Is Near A Bottom: XRP, ETH, TRX & XLM Analysis

The latest price action of the most dominant cryptocurrency out there, Bitcoin (BTC), shows that the market is stable - but not ready for a bullish run. This is what motivated many traders and analysts to share their thoughts about the recent situation - making the latest digital currency news on our crypto news site. The most popular analysis which went viral was made by YouTube's biggest crypto analyst Nicholas Merten, who believes that Bitcoin is bottoming. In the latest edition of his show DataDash, he compared the current price of Bitcoin and the current market action to the decline in 2014 and the sideways trading situation in 2015. As he said, there are three indicators that suggest Bitcoin is entering a period of sideways consolidation before a new run to the upside. According to Merten, the 50 and 100-week moving averages, the stochastic RSI and true strength indicators are all signaling that Bitcoin is starting to enter a bottoming phase.
“We’re going to need to see much more substantial price action for Bitcoin to be considered in a bull market. So we’re in neither really a bear market as of the last few weeks, and we’re also not in a bull market. Again, we have to see a justification of price on either side,” he said.
The video can be seen below. According to his analysis, the current market conditions indicate that it will take a few weeks or months for Bitcoin to regain its momentum. Ripple and XRP, on the other hand, are also pushing to expand their presence in new territories. When it comes to the latest news around Litecoin, we have Jon Moore known as 'Johnny Litecoin' who recently showed the new integration of Litecoin with the payment system Clover. As you probably know, the Clover platform offers free open-source code that allows merchants to implement custom third party payment options. When it comes to Stellar (XLM) and Tron (TRX) as the other altcoin gainers, XLM has recently powered IBM's World Wire remittance platform - while Tron (TRX) and its community have recently expanded to Beijing and are constantly in the latest cryptocurrency news for their blockchain advancements.
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Key Technical Indicators Show That BTC Could Surge Up To $5,500: Analysis

The bitcoin price has circled around the $4,200 resistance level over the past three months and was struggling to maintain momentum above the $4,000 price point. In today’s bitcoin news, we have an analysis of the price of the number one cryptocurrency according to multiple crypto traders and crypto enthusiasts. Many traders expressed their concerns over the past period about the stability of the cryptocurrency because, in late 2018, Bitcoin recorded a drop of around 50 percent after the three months of stagnation between the $6,300 and $6,500 range.
 “According to Bulkowski’s study, more than 60% of ascending triangles with declining volume end up breaking upwards with an average price rise of 35%. That gives us a target of $5500 BTC once the breakout is confirmed.”
Other traders are optimistic about the price of Bitcoin but are a little concerned about it being incapable of breaking out the $4,000 price range and are worried about whether it would test other major resistance levels. Over the past week, BTC managed to stay relatively stable in the $4,000 range but it was unable to rebound to the $4,200 level. Alex Kruger, a well-known crypto market analyst said that Bitcoin is going through a short-term correction by saying:
 “It is a simple stops run. Prices had just gone up vertically for 16 days without a pullback. Take $ETH for example: +38% without a pullback. Lots of levered longs piled up. And people FOMOed in. BTC reached the first level strong resistance ($4200) and a correction ensued. As it is with any other asset class or market, the analyst emphasized that a prolonged bullish movement is often met with a large pullback.”
On the technical side, Bitcoin is having a hard time finding a decent momentum and it could require a slight push that will boost the price to escape from the $4,200 level in the near-term. While Bitcoin recorded slight losses on the day, many crypto assets like TRON, OmiseGo, and Cardano showed slight gains up to 10 percent with Cardano leading against Bitcoin. It is also important to notice the hashrate of BTC because the gap between it and the price explains that the miners are willing to mine for almost no profit because they expect for the price to increase in the long run.
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Bitcoin Is At $4,001 – Finally Breaking Through The ‘Crucial Mark’ Again

For some, the Bitcoin news today show the dominant cryptocurrency as "stuck" in the $4,000 region. For others, Bitcoin is making a leap forward and rising in price. What's certain is that the crypto markets are experiencing a relatively quiet week as Bitcoin is trading sideways between $4,000 and $4,100. What's crucial is the fact that BTC is now over the $4k limit. However, the stability should not fool traders. According to analysts, BTC may drop in the near future as its upwards momentum starts to fade. In fact, if Bitcoin is unable to get more buying pressure as the markets head in the weekend, it is likely that it will drop back in the upper $3,000 region. Right now, Bitcoin is trading up less than 1% at its current price of $4,001. Throughout the week, it has established $4,100 as the resistance level and unsuccessfully attempted on multiple occasions to break above this price level. More importantly, Bitcoin has established $4,000 as a level of support and bounced after touching this price. The true test, despite this, is Bitcoin and its ability to advance above $4,200 which was the level established as a key resistance one last month. The current lack of momentum is negative. However, according to analyst, BTC is bearish only if the crypto begins tepidly moving towards the stronger resistance levels located above $4,100.
“If $BTC starts getting higher timeframe 4hr/1D closes below 3930, THEN I’ll consider being bearish short term. Unless you are a short term day trader flipping your outlook between 4400 and 2k after a red 30 minute candle isn’t too helpful,” an analyst named Luke Martin tweeted.
Historically, the crypto market has been prone to making big swings during weekend trading sessions - meaning that traders may gain more insight into where BTC could be heading over the next couple of days. Another popular crypto trader and analyst named The Cryptomist on Twitter, spoke about the possibility of Bitcoin dropping in the $3,000 region. As she stated:
“$BTC Mentioned couple days ago we will see movement for yesterday price action. We dropped and bounced of candle support as RSI support failed. We have 2-3 days to break this 4010 region resistance before we break this candle support and test target #1 at 3900 range.”
If the crypto drops below $4,000 it will likely be a strong psychological level of resistance which may prove to be difficult to break above.
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Calm Before The Storm: Bitcoin Dominance Reaches Low Levels Similar To 2018

It seems like the Bitcoin dominance on the market has reached its previous position form a year ago in August. The Google trends data show that the interest in Bitcoin hasn’t been this low since 2018, April. Should we be expecting a massive bull run or the situation will stay the same? Let’s find out in our bitcoin news of today. BTC dominance is hovering about the 50% level. Bitcoin’s market cap is still the largest despite millions of dollars going into altcoins over the past year rather than Bitcoin. Users in the crypto community have noticed that lower dominance means a major bull run according to the data. In the first Bull Run, the data says otherwise. There is no single relevant information that the first bull run was initiated after a period of low dominance. The interest for the cryptocurrency dropped which made the huge investors dump and there is also no data that suggests that investors will come back. However, this could be a potential sign of warning that will scare everyone who is not a long time crypto trader or investor. The bull run that leads the price of bitcoin to reach $20,000 was a rare moment that made long-term investors put their funds somewhere else. One thing we can all be sure of is that there is not going to be a ‘’Bitcoin Killer’’ at least not in the near future. At the same time, smart contract platforms seem to be having a good time and investment products keep emerging on the surface. There are new projects launching every day and Ethereum is now becoming home to hundreds of tokenized projects and platforms. During the bull run, the demand for Ether increased rapidly but the long-term dominance of the cryptocurrency is just as questionable as Bitcoin’s. Currently, there is a lot more money going into Bitcoin nowadays and those will be filtered between people who invest for the first time or the HODLERS who just want to stay away from extreme volatility. In the long run, it’s not so crazy to think that Bitcoin might lose its position as the number one cryptocurrency but this won’t mean that the crypto has failed. The next bull run could be around the corner, let’s wait patiently and see what happens.
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