Bitcoin Price Rises Despite Negative Remarks From Experts
Just yesterday, Bitcoin price was $6,500, and over the course of 24 hours, the price dipped 2 percent to $6,436, and at the time of writing this article, the price had risen unexpectedly to $6,596 adding $5 billion to its valuation according to coinmarketcap.
We are not sure what this means for bitcoin. Since 9th of August, bitcoin price had remained somewhat stable between the range of $6,400 and $6,800. Except for a case late last month when the cryptocurrency asset experimented the $7,000 resistance level.
Bitcoin Price On The Rise
The number of cryptocurrency experts and traders that have expressed their critical position towards the short-term price trend of Bitcoin is astounding.
Among many others, a cryptocurrency trader whose online nickname is “Rampage” asserted that the declining volume and constant display of lower highs are foreseen to lead the price of the asset to drop. In his words,
“Declining volume, weaker bounces, lower highs. Demand is getting eaten up and it’s just a matter of time until we break support for new yearly lows. There is nothing bullish about this chart”
It Could Get Really Bad – Nikola Lazić
Another crypto expert, Nikola Lazić had predicted that the price would be on the verge of a plunge. He said bitcoin price would get really bad.
According to him:
“I am expecting a breakout from the downside because the horizontal support has already been broken today, the red triangle’s support has been broken in the past when the price found support on the symmetrical triangle’s uptrend line which was respected in the past.
“If that last support gets broken then we are definitely seeing a lower low which would be below $5767 (£4,458).”
The volume of Bitcoin had then dropped from $4.3 billion to $3.8 billion on Coinmarketcap and on Coincap.io, (the cryptocurrency market that cleans off cryptocurrency exchanges presumed to have boosted their volumes) the daily trading volume of Bitcoin hangs around $2.57 billion, down 0.23 billion since October 2.
With the insignificant bounce of some major cryptocurrencies in the past few hours, it seems that because of market fatigue and seller exhaustion, Bitcoin and other major digital currencies will register some minor gains in the short-term.
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