A lot of analysts, researchers and traders are now wondering if the leading cryptocurrency, Bitcoin, could make new headlines on our DC Forecasts Bitcoin news site and shutter the market with a new rally.
Over the past ten days, the price of Bitcoin has remained in a stable but tight position, going from $6,300 to $6,500 and not showing a noticeable movement. However, the one day price charts of Bitcoin demonstrate that the most dominant cryptocurrency is stable for nearly two weeks and unable to engage in a short-term rally to confirm a new breakout.
Over the past 24 hours, the volume of BTC has fallen to $3.1 billion – by more than 10% – and the lack of trading activity can be attributed to the tendency of traders to prevent any initiation of high-risk and high-return trades in times of extended stability and low volatility.
However, some analysts predict a new breakout. Peter Brandt, who is a prominent trader and technical analyst, recently suggested that buyers are in control in a market that is dominated by bears and sellers since early 2018.
In order to see a new rally, traders need an abrupt increase in the price of Bitcoin – to at least $6,800 to $7,000 and similar margins, especially going above the $6,800 resistance level which is crucial at this point.
The low volume is the main reason why a movement like this seems impossible at this point. What’s good, however, is the stability of the BTC price – which could lead to an increase in value of small market cryptocurrencies as well as other altcoins.
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