Crypto Market Remains Stable As Bitcoin Price Unable To Breakout Back To $6,390
Over the last 24 hours, Bitcoin price looks to be showing momentum above the $6,400 region, indicating the possibility of a breakout.
But, a sudden drop from $6,430 ended the breakout, as BTC was unable to breach a minor resistance level.
With the volume of BTC at around $3.4 billion on CoinMarketCap, the possibility of a major breakout in the coming days is still relatively low.
The price of the BTC-to-USDT pair increases to close about $7,700 on Bitfinex, mainly as a result of speculation surround Tether (USDT) initiated by the issues between Tether LLC and its US dollar bank.
Hence, the Bitcoin price on fiat-to-cryptocurrency exchanges including Coinbase, Bitstamp, and Kraken also rose significantly to around $6,800.
The price of Bitcoin from then on has dropped to the range of $6,350 to $6,450, remaining in the same range for over 10 days since October 16.
The rapid rise in the price of BTC on October 15 from $6,120 to $6,800 marked a significant short-term promoter to drive the recovery of Bitcoin. Triggered by the price trend of BTC in mid-October, throughout last week, BTC has been able to maintain the $6,300 support level notwithstanding volume and low trading activity in the cryptocurrency exchange market.
Cryptocurrency trader and technical analyst Hsaka stressed that at a time like this, taking leveraged trades and high-risk alternatives is of great risk and presents relatively low returns.
“Still range-bound. Not taking any leveraged positions here. Weekly open (white) is acting as support now. Both sides of the range have been tapped often enough now to serve as good levels playable on a break and retest”.
The stability in the price of Bitcoin and the sideways market of crypto have negatively impacted the short-term price trend of small market cap tokens, which generally gains from the stability of the major cryptocurrency.
Decred, Power Ledger, Loon, Qtum, and Aeternity recorded losses in the range of 5 to 10 percent as the worst performing cryptocurrencies in the international market on October 25.
The volume of BTC is low, however, the daily trading volume of tokens and small market cap cryptocurrencies continue to record yearly lows. Tokens could trigger a strong recovery similar to how they have done throughout the year if BTC recovers with strong volume.
