RATE Group | Bitcoin Hits Yearly Low Volume, Only Way to Reverse Trend is a Big Spike
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Bitcoin Hits Yearly Low Volume, Only Way to Reverse Trend is a Big Spike

21 Oct Bitcoin Hits Yearly Low Volume, Only Way to Reverse Trend is a Big Spike

Posted at 17:05h in Bitcoin News by

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Bitcoin price

Over the past 24 hours, Bitcoin has achieved a new yearly low volume, demonstrating a lack of momentum and strength to recover to the higher region of $6,000.

On Coinmarketcap, the volume of Bitcoin fell to $3.1 billion while it fell to $1.91 billion on CoinCap. The previous yearly low point of the Bitcoin volume was $3.2 billion on Coinmarketcap and $2 billion on CoinCap.

The low volume of Bitcoin, possibly affected by a decline in trading activity on a Sunday, could have a negative impact on the short-term trend of the dominant cryptocurrency.

Not so Fast

Carpe Noctom, a respected cryptocurrency trader and technical analyst, stated that if BTC can close above the $6,800 mark in the days to come regardless of the low volume, a breakout above the $7,000 mark is still a possibility.

“Candle close above 6800-7100 and we got ourselves and ol’ fashion bull trend,” he said, emphasizing the two-month stability period BTC has experienced since August 9.

Apart from two…

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