Bitcoin Drops Below The $6,600 Mark Despite The Promising Upward Movement

Following the past 24 hours going from $6,500 to $6,600, according to the latest bitcoin news, BTC went down again below the $6,600 mark.

Currently, traders give divided opinions over the past 48 hours. Some believe that the reason for the recent drop in the low volume of Bitcoin and that this is the major concern for the entire market, while others think that the selling pressure of digital assets will decline and that will let BTC increase in value.

It’s is true, however, that the low volumes leave an open gate to vulnerability and the cryptocurrency can potentially suffer some downside movements. According to technical indicators, there are many positive processes that are going on in the crypto sector as well, such as the mass institutionalization on the exchange market.

According to crypto traders, the next big move bitcoin makes will be extremely obvious since there’s huge legislative interest and the sell-off will be much stronger than the rallies. As mentioned before, crypto exchanges play a huge part in these developments since they are in a phase of a stunningly fast development.

Coinbase, for example, increased its value from $1.6 billion to a stunning $8 billion after serving more than 18 million users.

The important thing is to also take a look at the short-term possibilities. With poor technical indicators, Bitcoin could be opened to a downward trend, but other major cryptocurrencies may suffer as well.

Bitcoin is very unpredictable but in the short-term, it’s very possible that BTC will demonstrate an increase in volume and can break the $6,800 mark. The price trend will always be unpredictable so it’s important to always have a rational approach to trading, especially in the following days.