BTC price escapes entering 6,000 USD area

BTC price escapes entering 6,000 USD area
Jul 14, 2018 by Rico Wise

The day before yesterday, BTC price has managed to stay above the 6,000 USD mark, subsequent to falling down to almost 6,050 US dollars this Wednesday.

A little growth of the BTC price to the 6,250 USD region has permitted that world’s most popular digital currency to escape the downward tendencies creeping up since the beginning of the week, making room for a corrective surge in the upcoming future. Bitcoin’s RSI has indicated bullish signs as well, making it possible for BTC to reach 6,400 USD.

Nevertheless, BTC still lacks volume, which remains a problem for the cryptomarket and other digital currencies as the likes of XRP and BCH, due to reliance of the majority of digital currencies on Bitcoin’s price tendencies.

As of yesterday, the daily trading volume of BTC stayed at the level of approximately 3.6 billion US dollars worldwide, and nearly 160 million US dollars on Binance, the biggest cryptoexchange in the world. For reference, BTC volume has exceeded 5 billion US dollars in the beginning of the month and stayed above the 300 million US dollars threshold on Binance.

Therefore, despite showings of the RSI, MACD and the declining tendencies of BTC, the currency indicates signs of short-term rally, with the insufficient BTC volumes to stop the market from corrective surges.

According to Bitcoin’s behavior in the past three days, the currency is not likely to start a corrective surge to return to its 6,700 USD levels. It is more plausible for Bitcoin to reach the lower levels of 6,000 USD region, becoming highly oversold and bouncing back only by a small percentage.