RATE Group | Markets Trading Flat After Fake Breakout, Bitcoin Hovers Around $8,300
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Markets Trading Flat After Fake Breakout, Bitcoin Hovers Around $8,300

02 Oct Markets Trading Flat After Fake Breakout, Bitcoin Hovers Around $8,300

Posted at 23:47h in Bitcoin News by

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Wednesday, Oct. 2 — After a fake breakout, where Bitcoin (BTC) jumped upwards from a seven-day low of $7,746 to $8,480 from Sept. 29–Oct. 1, BTC slowly retraced to its current price level.

Cryptocurrency market daily overview. Source: Coin360

One week since Bitcoin suffered from double-digit losses, the coin is back to trading sideways, at a similar price point as seven days ago. The most popular crypto coin was showing bullish price behavior over the last 48 hours, which proved to be unsustainable, most likely due to the lack of high volume.

BTC has been trading around the $8,300 price mark for most of the day. Since hitting an intraday high of $8,400, BTC has been slowly retracing to its current price point of $8,249, down 0.65% in the last 24 hours.

Bitcoin seven-day price chart. Source: Coin360

While BTC is not showing much excitement with its current price behavior, the German bank BayernLB suggested that the forthcoming Bitcoin halving effect in 2020 is yet to be factored…

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