RATE Group | Crypto Market Stagnant as Bitcoin Price Fails to Breakout, Back to $6,390
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Crypto Market Stagnant as Bitcoin Price Fails to Breakout, Back to $6,390

25 Oct Crypto Market Stagnant as Bitcoin Price Fails to Breakout, Back to $6,390

Posted at 18:46h in Bitcoin News by

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bitcoin price ready to rally

Throughout the past 24 hours, Bitcoin price seemed to be demonstrating momentum above the $6,400 mark, showing signs of a potential breakout.

However, an abrupt fall from $6,430 to $6,370 put an end to the breakout, as BTC failed to breach a minor resistance level.

bitcoin price

With the volume of BTC at around $3.4 billion on CoinMarketCap, the chance of a major breakout in the next 24 to 48 hours remains relatively low.

Stability of Bitcoin: Same Range Over and Over Again

On October 15, heavily affected by speculation around Tether (USDT) triggered by the issues between Tether LLC and its US dollar bank, the price of the BTC-to-USDT pair rose to around $7,700 on Bitfinex.

As a consequence, the Bitcoin price on fiat-to-cryptocurrency exchanges such as Coinbase, Bitstamp, and Kraken also surged substantially to around $6,800.

Since then, the price of BTC has fallen to the range of $6,350 to $6,450, stuck in the same range for more than 10 days since October 16.

The sudden increase in the…

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