The Volume Of Bitcoin Might Be Approaching Its Yearly Low

In today’s bitcoin news, we saw how the price of Bitcoin achieved a big jump towards $6,410 from its price at $6,300 in just a few minutes.

This unexpected increase in the price of Bitcoin looks like an optimistic short-term trend for traders on the crypto market. Previously, many analysts noted that if Bitcoin wants to show some signs of recovery, it will have to rebound from $6,350.

As unexpected the increase was, almost with the same intensity, Bitcoin fell back to $6,321 hovering around the $6,200 mark.

Some consider the real price of BTC to be exactly this one. On the other hand, Tether and integrated exchanges such as Huobi and OKEx are presenting a price of $6,350 after the drop in USDT. The price of USDT went down by 2 percent reaching $0.98. Since USDT is a coin that is pegged to the US dollar, it must be pegged to $1 at all times.

Because of BTC and the rest of the crypto market is approaching the yearly low, the crypto market seems without a doubt bear biased. According to the technical indicators, BTC is not showing an overselling condition thus a short-term recovery in the next 24 hours is highly unlikely.

If there’s a sudden, unexpected movement on the crypto market, Bitcoin is still likely to maintain stability at the $6,300 range. The short-term trend of Bitcoin is really hard to predict because of the low volume of Bitcoin.

Currently, Bitcoin remains being bear biased.