RATE Group | Bitcoin Price Still Stable Below $6,600, What Stands Ahead of Crypto Market?
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Bitcoin Price Still Stable Below $6,600, What Stands Ahead of Crypto Market?

06 Oct Bitcoin Price Still Stable Below $6,600, What Stands Ahead of Crypto Market?

Posted at 15:00h in Bitcoin News by

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Bitcoin price steady

For over a week, Bitcoin has remained relatively stable in the $6,400 to $6,600 range, struggling to sustain its daily trading volume across major crypto exchanges.

Within the past 48 hours, the volume of Bitcoin has declined from $4 billion to $3.2 billion on Coinmarketcap and from $2.6 billion to $2 billion on CoinCap.io, the cryptocurrency market data provider of popular digital asset exchange ShapeShift.

Overall, Bitcoin has lost around 20 to 30 percent of its volume in the past two days, which has prevented the cryptocurrency market from initiating a large movement on the upside.

Bear Bias But Breakout Should be Considered

Given the low volume of Bitcoin and the weakening $6,500 support, in the short-term, it is highly likely for BTC to record a minor decline in value based on technical indicators and its price trend since mid-September.

However, the stability of Bitcoin and the unpredictable nature of the digital asset leaves a breakout of the $6,800 resistance level…

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