Over the past 24 hours, the valuation of the crypto market rose by about $11 billion, caused by the short-term momentum of bitcoin, Ethereum and Bitcoin Cash.
Despite the low volume, leading cryptocurrencies were able to maintain secure momentum throughout the past day, letting the cryptocurrency market to rally slightly, by 6.5 percent.
The condition of the bitcoin market is still the same as late June. If Bitcoin goes through a significant increase in volume and goes through an upward movement that allows the price of bitcoin to go above $7,000 and secure major support levels, a short-term recovery is likely.
Yet, if bitcoin is unable to reach the $7,000 region, the chances of a correction is more possible in the coming days. Presently, a shift towards the mid-$6,000 level is more possible than hitting the $7,000 level as a result of its low volume and momentum. To be precise, one optimistic take away from the recent corrective rally of bitcoin is its impartial Relative Strength Index (RSI) at 53 and moving average convergence divergence (MACD).
Since June 29, the crypto market has not gone through a major movement and as a result of the low volume of digital assets, the market has constantly been in a bear cycle since December 2017, amid a 70 percent correction. During a time like time, one key regulatory decision could change the bear cycle of the market to a strong rally.
That decision might come in the form of allowing an exchange-traded fund (ETF) around bitcoin or the US Securities Exchange and Commission (SEC) establishing promising regulations for tokens and blockchain projects.
Yet, for the time being, the condition of the market is still the same a week ago; while bitcoin and other leading cryptocurrencies are targeting a significant move on either side in the coming days, until leading cryptocurrencies go through a large movement to ascertain a corrective rally or a drop, it is hard to predict the movement of the market.