Market Analysis

Sudden BTC price growth to 6,600 USD; cryptomarket gains 5 billion USD in just hours

Sudden BTC price growth to 6,600 USD; cryptomarket gains 5 billion USD in just hours
Oct 4, 2018 by Rico Wise

During the week, BTC faced difficulties to display recovery both of its trading volume and momentum, falling below the 6,500 USD level, where the major digital currency was able to remain for a couple of weeks.

Starting from early August, the BTC value has demonstrated a relative stability in-between the indicators of 6,400 and 6,800 US dollars, excluding the late September occasion, when the digital currency peeked at the

7,000 USD level. Other than that mention, Bitcoin has displayed a significantly high stability level for the first time since summer of the previous year. Previously this week, most of the tech experts and renowned digital currency traders have shared their negative take on the trends for BTC value in the short term.

A trader known by the nickname of Rampage claimed that the decreasing trading volume and constant display of lower highs both point at the upcoming price drop for Bitcoin. According to Rampage, the cryptocommunity will witness yet another record yearly lows very soon, as there is not a thing to be bullish about in the chart Bitcoin currently has.

Overall, there might be two reasons for BTC chart to behave the way it does currently. First is, indeed, the declining momentum, which will lead towards new price drops. Second, and more hopeful, is that market is in the oversold conditions, and bears display seller fatigue and exhaustion, which means that the dominant digital currency will initiate a rally. So far, the best course is to tread lightly and wait what comes next.

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