Market Analysis

BTC price grows to 6,450 USD while cryptomarket regains equilibrium

BTC price grows to 6,450 USD while cryptomarket regains equilibrium
Oct 17, 2018 by Rico Wise

The unpredicted decrease of the USDT stablecoin’s price triggered materialization of premiums for dominant digital currencies, namely Bitcoin and Ethereum, moving Bitcoin’s price to 7,700 USD for a brief period of time.

In fact, the value of the world’s most dominant digital currency on such cryptoexchanges as Coinbase and Bitstamp did not surpass 6,700 USD. Nevertheless, the currency managed to display recovery in the short term, increasing from 6,150 USD to 6,450 USD, with a support of increased daily trading volume, which added 0.8 billion US dollars, ensuring an optimistic market development for the mid-term period.

The cryptomarket does not yet display signs of total readiness for a confident short-term movement on the upside, although, according to Crypto Monk, a well-known tech analyst, the world’s most popular digital asset has displayed a bottoming trend for the last 90 days.

Digital currency analysts express optimism in the perspective for Bitcoin in the upcoming months, as the digital asset has displayed an impressive stability, unseen since last year’s summer.

Overall, tech analysts of the digital currencies claim more or less the same: in the event that BTC price does not manage to keep up its momentum above the 6,400-6,500 USD levels with enough trading volume, then the cryptomarket will turn bearish once more. Nevertheless, if this currency makes a breakout from the 6,500 USD range and successfully tests the 6,800 USD resistance level, there might be a good chance for the trend reversal to take place before the end of 2018.

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