Market Analysis

BTC reached its bottom, or why it is not likely to go lower than 6,000 USD

BTC reached its bottom, or why it is not likely to go lower than 6,000 USD
Oct 18, 2018 by Rico Wise

Within the last 2 days, the trading volume of BTC has increased more than twice, reaching 7 billion dollars at its highest point, subsequently decreasing to the amount of 4 billion US dollars. In a 48-hour period, the dominant digital asset had displayed a 25% growth in its daily trading volume. It can be interpreted as a positive sign for the currency’s trend in the short term.

The discussion regarding the midterm trend the Bitcoin price is going to take revolves around the question whether the digital asset can manage confidently defending the 6,000 USD support level in the upcoming weeks. If so, then there is little chance for a big shakeout or a substantial decline to the lower levels of 5,000-dollar region.

Due to the stability, which Bitcoin displays starting from the beginning of August, and the fact the it avoided drops below the 6,000 USD level, with the daily trading volume of the currency hitting its lowest in a year, the bears of the cryptomarket find it increasingly harder to decrease the price of Bitcoin in the short term.

Eric Thies, a cryptotrader, claimed that an asset, which tests a big support level over 20 times a week, is a rarity. He also highlighted the fact that the only scenario for Bitcoin to enter the 5,000 USD region is when something unforeseen happens, negatively affecting the digital currency market on a scale surpassing the assumptions of every financier in the cryptomarket.

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