Home / Crypto Currency / Bitcoin Takes a Breather and Falls Below $6,700, Losses Across the Board

Bitcoin Takes a Breather and Falls Below $6,700, Losses Across the Board


Since September 18, within six days, the crypto market added $34 billion to its valuation. After a massive short-term rally, Bitcoin has retraced slightly, leading other major cryptocurrencies to fall by 3 to 5 percent.

While Bitcoin recorded a slight loss of less than 1 percent, Ethereum, Bitcoin Cash, EOS, Stellar, and Litecoin demonstrated losses in the range of 3 to 5 percent, with IOTA recording the steepest decline amongst major cryptocurrencies.

The volume of Bitcoin, which remained above $5.3 billion up until September 22, fell back down to the lower end of $4 billion. The volume of XRP, the native cryptocurrency of Ripple, also fell below $1 billion mark to $800 million, after surpassing $2 billion at its weekly peak.

Short-Term Breather

Bitcoin has shown stability throughout September, even during corrections. While Ripple and Ethereum recorded 30 to 110 percent increase in price over the past seven days, the two cryptocurrencies suffered massive losses throughout August, during a period in which Bitcoin remained stable in the low $6,000 region.

As such, when most cryptocurrencies dropped by more than three percent in the past 24 hours, Bitcoin recorded a mere 0.75 percent losses in value. A slight retrace in the valuation of the crypto market was expected by many traders, considering the sheer magnitude of the gains recorded by both major and small market cap cryptocurrencies throughout last week.

XRP demonstrated a three-fold increase in price, with Stellar and Cardano mimicking the short-term trend of XRP. Considering the large gains of cryptocurrencies throughout September, it is positive that the market has obtained a minor breathing room to strengthen momentum.

But, one concern in regards to the short-term price trend of cryptocurrencies is the low volume of Bitcoin. Within the past 24 hours, the volume of the dominant cryptocurrencies has dropped by more than 20 percent.

The substantial decline in the volume of XRP was expected because of its 130 percent increase in value. Still, the volume of XRP has dropped from nearly $2 billion to $800 million, by nearly 60 percent in a 48-hour period.

Due to the wild volatility of the crypto market in recent weeks, it is entirely possible for the volume of major cryptocurrencies to pick up and recover in the next 24 hours. It is also possible that the decline in volume is merely a minor retracement the market needed to stabilize after a major corrective rally.

Bitcoin to $6,800

As CCN reported, billionaire investor Mike Novogratz outlined $6,800, $8,800, and $10,000 as important resistance levels for Bitcoin. On September 23, Bitcoin came close to breaking out of the $6,800 resistance level but struggled in the higher end of $6,700.

In the next 12 to 24 hours, if the volume of Bitcoin can recover to mid-$4 billion and show some resilience above the $6,700 mark, it is likely that BTC tests $6,800 in the short-term. Although the daily chart of BTC shows a lack of momentum in the short-term, the weekly and monthly charts of BTC demonstrate optimistic mid-term price development.

Featured image from Shutterstock. Charts from TradingView.

Follow us on Telegram or subscribe to our newsletter here.
Join CCN's crypto community for $9.99 per month, click here.
Want exclusive analysis and crypto insights from Hacked.com? Click here.
Open Positions at CCN: Full Time and Part Time Journalists Wanted.
Read more

Check Also

Nano Price Uptrend Remains Intact as Value Surpasses $2.1

Some interesting momentum is brewing for the Nano altcoin right now. Although it is still too early to speak of a proper market reversal, the current development shows there is some life left in the altcoin department. Despite a solid increase in the BTC and USD ratio, Nano’s price remains above $2 with relative ease. Nano Price Continues its Uptrend It is an interesting weekend for all cryptocurrencies, even though the gains across the board are pretty slim, all things considered. As long as Bitcoin doesn’t show any real bullish or bearish pressure in the near future, causing altcoins to note some small gains or losses in the process. For Nano, things are heading in the right direction right now, although the momentum still remains somewhat shaky first and foremost. Over the past 24 hours, the nano price has risen by roughly 4% in the USD department. That means the altcoin sustains its value of $2 with ease, and has even reached a new level of $2.1. That is a pretty promising trend for altcoin speculators, even though it is not necessarily sufficient to keep things moving in this direction for the foreseeable future. The 3% gain over Bitcoin, on the other hand, is a bit more promising. Unfortunately for Nano, all of the discussions across social media have something to do with price speculation right now. Considering how this is a sign there isn’t anything spectacular happening to Nano right now, one has to wonder how it impacts the overall market momentum. K Sizzle thinks Bitcoin’s price will push to $7,000 and drag altcoins with it. Shortly after, a retrace will kick in, which is rather common. Seems like a plausible route to 7k mark before a retrace #btc #vet #qsp #omg #xvg #nano #ada #XLM #tpay #eca pic.twitter.com/fRSDGtxEUu — K Sizzle (@KSizzle021) October 21, 2018 Some traders are convinced the Nano price will remain under pressure from people looking to push the value below $2 once again. Whether or not that will effectively happen in the near future, is a different matter altogether. For now, the momentum looks positive, but this trend will effectively lead to a small correction sooner or later. NANO stays under pressure, watch key resistance by trader CryptalDash published October 05, 2018 #bitcoin #nano #nanobtc #btc #cryptocurrency #nanocoin https://t.co/SPp354Nhvy pic.twitter.com/Ofo6XkJuwY — BitcoinAgile (@bitcoinagile) October 21, 2018 Last but not least, Torjus Gaaren is looking for further Nano price gains in the near future. Although the current momentum seems to warrant cautious optimism first and foremost, one has to keep in mind no financial market can continue to rise indefinitely. In the case of Nano, this trend remains in place, although its week trading volume can easily trigger a big sell-off in the future. #NANO very good trade with clear target if it breaks out upwards. Trade described in chart. pic.twitter.com/7hcK6woxMz — Torjus Gaaren (@TGaaren) October 20, 2018 With all of these trends in place, it will be interesting to see what the future will hold for Nano. It is still one of the most resilient altcoins on the market, and its push into Venezuela will undoubtedly continue to generate a fair bit of attention. Altcoins are in a good place right now, which might very well hint at a continual uptrend in the future. The post Nano Price Uptrend Remains Intact as Value Surpasses $2.1 appeared first on NullTX.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Disclaimer: Trading in bitcoins or other digital currencies carries a high level of risk and can result in the total loss of the invested capital. theonlinetech.org does not provide investment advice, but only reflects its own opinion. Please ensure that if you trade or invest in bitcoins or other digital currencies (for example, investing in cloud mining services) you fully understand the risks involved! Please also note that some external links are affiliate links.