RATE Group | Is Crypto Market Awaiting for a Large Short-Term Rally? Bitcoin Improves
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Is Crypto Market Awaiting for a Large Short-Term Rally? Bitcoin Improves

10 Oct Is Crypto Market Awaiting for a Large Short-Term Rally? Bitcoin Improves

Posted at 06:24h in Bitcoin News by

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Yesterday, on October 10, the price of Bitcoin broke out of the $6.600 mark after stabilizing at the $6,550 level for a few weeks.

The volume of Bitcoin saw an increase of 12 percent from $3.2 billion to $3.6 billion on Coinmarketcap and $2.1 billion to $2.38 billion on ShapeShift’s CoinCap.io.

Some tokens including 0x and Polymath have recorded decent 5 to 10 percent gains in the past 24 hours but the inability of Bitcoin to demonstrate a promising recovery in its volume to its previous level at around $4.3 billion has prevented the rest of the market from initiating a major rally.

Technical Analysts Predict a Big Move

The majority of technical analysts and prominent traders in the cryptocurrency sector are anticipating a large move on either the upside or downside. Currently, due to the relatively low volume of the crypto exchange market, it is not certain that the next major movement of Bitcoin will be breakout of two resistance levels at $6,800 and $7,000.

Hence, in…

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