Bitria “news” bitcoin exchange Rate stable at around $6,600. Market analysis for October 7
The last day of the cryptocurrency market capitalization fell by $4 billion, and the rate of bitcoin has remained relatively stable in the range of $6,400 – $6,600. Some altcoins in the past 24 hours see minor losses in the range of 1%, but the cryptocurrency XRP showed a drop of 7.54%.
In the last 48 hours the volume of bitcoin fell from $4 billion to $3.2 billion overall, bitcoin has lost 20% to 30% of its volume over the last two days that prevented the cryptocurrency market to cause a large upward movement.
Given the low volume of bitcoin and the erosion of support in the amount of $6,500, in the short term it is highly likely that BTC will record a slight decrease in value based on technical indicators and price trends since mid-September. However, the stability of bitcoin and the unpredictable nature of a digital asset leave break of the resistance level of $6,800.
In August, several analysts predicted that bitcoin price will reach $8,000 – $9,000 by the end of October. With Bakkt, Coinbase Custody and major financial institutions serving investors in the market, traders remain confident the next rally is the leading cryptocurrency.
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