The exchange rate of bitcoin fell to $6,530. Market analysis for October 18

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Bitria “news” the exchange Rate of bitcoin fell to $6,530. Market analysis for October 18

For the past day capitalization cryptocurrency market has remained in the range of $211, and the bitcoin exchange rate fell by 0.7% and the cost is $6,530. The rest of the cryptocurrency market also captures the losses in the range of 0.6-3%, but there are positive changes, for example, cryptocurrency Stellar has achieved 6% growth, and Cardano over 2%.

BTC/USD has found decent support above $6,400, but as the stubborn resistance near $6,530. After a mix up Tether from BTC/USD finally has a reason to look back on its long-term descending triangle shape. The pair is again testing the upper trend line for a potential breakout or reversal. But the balancing act could get a look at the formation of a bullish trap above the upper trend line, which means a breakthrough that will ultimately prove to be false. Currently on the market there is no fuel which would allow traders to enter long positions near the bullish zone trap.

On the fundamental front Fidelity, a multinational financial services, revealed its plan of trade bitcoins for hedge funds. The event testifies to the growing interest of institutional investors to the addition of digital currencies in their portfolios.

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