Bitcoin Faintly Drops To $6,500 Following Decent Recovery
The price of Bitcoin has faintly dropped to $6,500 after rising to $6,700 on September 27. Ripple (XRP) was able to maintain a decent gain of 5 percent, increasing its movement.
The volume of the crypto market has risen from $13 billion to $15 billion during the recent weeks, indicating a rise in the market movement.
Remarkably, over the past day, the volume of Ethereum (ETH) has increased significantly to $2.2 billion. The volume of ETH was around $1.3 billion last week.
The crypto market in September, especially in the past weeks has demonstrated recovery in its daily trading volume. Usually, the cryptocurrency exchange market has gone through more activity compared to the first half of September, mainly as a result of a strong corrective rally in the market after significant losses recorded by Ethereum and Ripple.
The coming weeks could be very vital for Bitcoin and it could govern the price movement for the rest of the year. Since February, on a two-month basis, Bitcoin has demonstrated the possibility of recording lower highs after dropping to a lower low.
But since the start of the year, each time Bitcoin recovered from a lower low in the level of $5,800 to $6,500, it demonstrated less trend on the increase. In February, April, June, August and September, Bitcoin recovered to $11,000, $9,000, $8,000 and $7,000, with every opportunity to go beyond a major resistance level dropping in volume and momentum.
This led Josh Roger, a well-known technical analyst in the cryptocurrency community to note that the price movement of Bitcoin in the coming weeks will decide its mid-term trend.
“BTC with each passing month it’s taken less time to reach the ’lower high.’ The next two weeks will bring to higher highs (pushing out of bear market). Or will send BTC in a cold dark bear winter that last month’s BTC doesn’t have long to choose its path,” he noted.
On Friday, for the first time in September, Bitcoin was able to equal the intensity of other leading cryptocurrencies in its movement to the upside. However, with a 4 percent increase, it was unable to break out of the $6,800 resistance level.
