Despite the fact that BTC volume stays above the level of 4.4 billion US dollars, which is over 46% higher than the first days of this month, when the trading volume of Bitcoin approximated to 3 billion USD, the world’s dominant digital currency is facing difficulties with maintaining momentum in the middle of 6,000 USD area.
There is an increased chance for Bitcoin to retry the 6,200 USD level in the short term, if the currency fails to quickly bounce back to the 6,450 USD level. Provided the digital currency market remains stable at 211 billion USD mark, there is little chance for the breakout above the 6,450 USD level to happen within the following couple of days.
Bitcoin has been bleeding out from the 6,500 USD level since Nov 8, displaying its inability to maintain momentum in the lower area of 6,000 USD. Over the past 90 days, starting from Aug 9, the dominant digital currency has displayed stability in the middle of 6,000 USD region, however, in the past 14 days, Bitcoin returned to the support levels under the 6,300 area more than once because of the intense sell pressure.
It is not a rare phenomenon for the sideways BTC cryptomarket to see lesser market capitalization currencies and altcoins to outperform dominant digital currencies and register significant profit within 5-20%. Nevertheless, according to the explanations of tech analysts, even lesser market capitalization currencies have begun displaying insufficient correlation with Bitcoin, probably due to bad conditions in the cryptomarket.
In the event that Bitcoin goes under the 6,300 USD mark and goes all the way down to 6,100-6,200 USD area, digital currencies are very likely to encounter short-term decline, specifically within the period when the US SEC is doubling down on ICO startups viewed as securities offerings.