RATE Group | Bitcoin Price Rises to $6,450 as Market Stabilizes, Has Crypto Hit a Bottom?
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Bitcoin Price Rises to $6,450 as Market Stabilizes, Has Crypto Hit a Bottom?

17 Oct Bitcoin Price Rises to $6,450 as Market Stabilizes, Has Crypto Hit a Bottom?

Posted at 10:19h in Bitcoin News by

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Bitcoin price

Over the past 72 hours, the cryptocurrency market experienced one of its wildest fluctuations in recent years, triggered by the sudden increase in the Bitcoin price.

The unforeseen decline in the value of Tether (USDT), a stablecoin backed by the US dollar on a 1:1 ratio, led premiums on major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) to materialize, briefly pushing the price of BTC to $7,700.

In actuality, the price of BTC on fiat-to-cryptocurrency exchanges such as Coinbase and Bitstamp did not exceed $6,700. Still, the short-term recovery of BTC from $6,150 to $6,450 supported by a rise in daily trading volume from $3.2 billion to $4 billion is considered a positive market development for the mid-term.

Bitcoin is Ready to Rally

The cryptocurrency market is not quite ready to initiate a strong short-term rally as seen in February and April during which the price of BTC surged from $6,000 to $8,000 within a span of minutes.

But, as technical analyst Crypto Monk…

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