Over the past day, Bitcoin Cash started a 20 percent recovery driven by the initial public offering (IPO) of Bitmain however, the rest of the crypto market was still at a relatively stable low price range.
The valuation of the cryptocurrency market remained at its position in the $215 billion level, like Bitcoin and ETH, the native cryptocurrency of Ethereum, both making a slight recovery in the price of 0.5 percent.
Crypto Dog, a recognized technical analyst in the cryptocurrency space, noted that if the valuation of the bitcoin market was able to go out of the $11 billion regions, suggesting that a short-term recovery could be possible.
“This is exactly what you want to see on a retest. So far so good. Clear the $114 billion market cap resistance and we’re due for another large gap up,” he wrote.
Several experts and leading investors, as well as billionaire hedge fund legend Mike Novogratz throughout this week, stressed $6,600 as a vital resistance level for Bitcoin.
For the past couple of days, Bitcoin has been on the decline, dropping from around $6,520 to $6,400. As seen on September 26, as long as the volume of bitcoin can be maintained in the mid-$4 billion level, is it likely for the leading crypto to go through a minor recovery in the short term.
However, Bitcoin would require to recover at a rapid pace to the $6,600 level in the next couple of hours to confirm a short-term rally.
Even though most dominant cryptocurrencies and tokens have significantly outperformed Bitcoin since mid-September, the general trend of the market remains heavily reliant on the performance of Bitcoin. Due to the weak short-term trend of Bitcoin, it I possible that tokens will not make a short-term recovery in the near future unless Bitcoin makes a strong recovery.