Bitcoin Volume Improves: Crypto Market Primed for a Major Short-Term Rally?
Yesterday, on October 10, the price of Bitcoin broke out of the $6.600 mark after stabilizing at the $6,550 level for a few weeks.
The volume of Bitcoin saw an increase of 12 percent from $3.2 billion to $3.6 billion on Coinmarketcap and $2.1 billion to $2.38 billion on ShapeShift’s CoinCap.io. Some tokens including 0x and Polymath have recorded decent 5 to 10 percent gains in the past 24 hours but the inability of Bitcoin to demonstrate a promising recovery in its volume to its previous level at around $4.3 billion has prevented the rest of the market from initiating a major rally.
Technical Analysts Predict a Big Move The majority of technical analysts and prominent traders in the cryptocurrency sector are anticipating a large move on either the upside or downside. Currently, due to the relatively low volume of the crypto exchange market, it is not certain that the next major movement of Bitcoin will be breakout of two resistance levels at $6,800 and $7,000.
Hence, in the days to come, it is possible that BTC experiences a substantial spike in its volume and breakout of the $6,800 level or sees another shakeout before initiating a meaningful short-term rally.
“The range that never ends. It’s getting tighter though and I suspect we’ll get a big move soon. Recent PA is stuck in the one big green candle. Be careful in both directions, I wouldn’t be surprised by big shakeouts before the real move,” Don Alt said.