RATE Group | Bitcoin Fails to Record a Big Surge But Market is Looking Better For Bulls
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Bitcoin Fails to Record a Big Surge But Market is Looking Better For Bulls

05 Oct Bitcoin Fails to Record a Big Surge But Market is Looking Better For Bulls

Posted at 14:34h in Bitcoin News by

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Bitcoin price breakout

Over the past 24 hours, despite the promising price movement of Bitcoin from low $6,500 to $6,600, BTC has fallen back down below the $6,600 mark.

Traders have offered contrasting viewpoints throughout the past two days. Some have said that the low volume of Bitcoin is a concern for the market while several stated that the sell pressure on the digital asset has declined, which may allow BTC to increase in value in the days to come.

Both Bears and Bulls are on Equal Playing Field

Based on technical indicators alone, Bitcoin is more exposed to bears than bulls. The market is not demonstrating oversold conditions but the low volume leaves the cryptocurrency vulnerable to movements on the downside.

In contrast, for the bulls, there are significantly positive developments in the cryptocurrency sector, especially on institutionalization and strengthening of the cryptocurrency exchange market.

Don Alt, a respected cryptocurrency trader, said:

“The next big move will be so…

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