Bitcoin Price Nears $6,800 Resistance as Crypto Market Records Large Gains

Over the past few hours, Bitcoin has recorded a slight 1 percent increase in price, nearing the $6,800 resistance level. The rest of the crypto market recorded large gains across the board as Electroneum and Stellar led the market with 70 percent and 20 percent gains respectively.

As CCN reported on September 22, billionaire investor Mike Novogratz laid out $6,800 and $8,800 as major resistance levels for BTC in the short-term. If BTC can break out of the $6,800 mark in the next few hours, it is highly likely for the dominant cryptocurrency to enter the $7,000 region for the first time since September 4.

Why is Bitcoin Lagging Behind

Over the past week, Bitcoin has demonstrated decent momentum and gradual increase in volume, rising from the lower end of $6,000 to $6,700. But, in comparison to other major cryptocurrencies like Ethereum and Ripple that recorded monstrous gains against the US dollar, the short-term rally of Bitcoin has been lackluster.

The discrepancy between…