- Tokens tower the market with incredible gains although market stability continues.
- Bitcoin has recovered above $6,300; the bear range could dominate until early 2019.
As discussed in an earlier published Bitcoin (BTC) piece we found that Bitcoin escaped one bear range only to fall into another. The declines earlier this week sent the buyers gasping for air marginally below $6,200. After that, Bitcoin resumed consolidated the gains with the upside capped blow $6,300. However, the trading yesterday led to a bullish spike above $6,300 where Bitcoin corrected above $6,350 before the trend turned bearish short of 6,360 and the 100 Simple Moving Average.
Find the latest Bitcoin price analysis here.
The brief recoil in the market was, however, not unique to Bitcoin, tokens recorded good gains as well. The bulls in the entire market have shown that they can break from the stability resulting in the cryptocurrency market adding $3 billion to $206 billion. Bitcoin (BTC) trading volume has increased significantly from $3 billion to $4.2 billion. Most of the assets are trading in the green with tokens like Pundi X, WaltonChain, Status and Loom recording the highest gains.
The low trading volume signifies lack of enough trading activity in the market. This means the impeding trend is bearish. Analysts like Hsaka have in the recent past predicted declins in Bitcoin price due to the low trading volumes and activity. If the low volumes continue, Bitcoin is likely to close the year in the current bear range ($6,300 -6,800). Hsaka explained:
“To be honest, with volume and volatility petering out, I wouldn’t be surprised to see BTC hold this range for another month (and maybe till the EOY too). Would be the path of maximum pain, bears don’t get their rapid selloff to 4.8k, bulls distraught over not being able to break 6.8k.”
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