Home / Crypto Currency / Bitcoin Price Drops to $6,400: Further Decline to Low $6,000 Region in Play?

Bitcoin Price Drops to $6,400: Further Decline to Low $6,000 Region in Play?


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In the last 24 hours, the Bitcoin price has experienced a gradual decline from $6,500 to $6,410, struggling to demonstrate momentum in the relatively low region of mid-$6,000.

On October 21, CCN reported that the low volume of Bitcoin remains a concern for traders, as it demonstrated the lack of interest in investors in the cryptocurrency exchange market to initiate trades in a period of uncertainty and stability in a low price range.

“On Coinmarketcap, the volume of Bitcoin fell to $3.1 billion while it fell to $1.91 billion on CoinCap. The previous yearly low point of the Bitcoin volume was $3.2 billion on Coinmarketcap and $2 billion on CoinCap,” the report read.

Still no Major Movement

On Sundays, the daily trading volume of the cryptocurrency exchange market tends to dip, as professional traders and institutions prevent from engaging in major trades throughout the weekend.

Hence, many traders expected the volume of Bitcoin to rebound the following day, hopeful for a short-term price movement in the range of $6,500 to $6,800.

While the volume of BTC has increased from $3.1 billion to $3.4 billion, the magnitude of the rise in volume was lower than the expectations of investors. The low volume of BTC has affected the rest of the market, as many cryptocurrencies recorded minor drops in the range of 0.5 to 2 percent.

Cryptocurrency trader and technical analyst Cred stated that in a tight price range, traders are observing the market to provide clarity on the short-term trend of major digital assets.

Over the past seven days, Bitcoin has remained stable at $6,400, failing to show any recognizable movement on both the upside and downside. The continuous stability in BTC led traders to prevent filing trades and wait out for BTC to confirm its short-term trend, which could have led to the decline in the daily trading volume of the asset.

“Tight range — waiting for the market to provide evidence of direction. Will be looking for longs on a pullback > $6,500 or at $6,100 – $6,200. I don’t want to be a seller at low-mid $6,000s. Don’t chase trades in the chop; wait for clarity and anticipate.”

Where Does the Market go Next?

BTC is awaiting the closure of its weekly candle on October 22. Often, subsequent to the demonstration of 6 weekly candles in a tight price range, BTC has tended to initiate a notable movement on the upside.

If BTC can initiate a breakout above the $6,600 mark and potentially eye a move towards the $6,800 resistance level, then a bullish short-term trend can be confirmed. However, if it continues to show low volume and trading activity in the $6,300 to $6,500 range, it will be challenging for BTC to initiate a big spike.

In summation, it is highly unlikely for BTC to fall to the lower region of $6,000 given its strong defense of the $6,000 support level since late July. But, to secure a short-term rally, BTC will need to initiate a sudden spike in price.

Featured Image from Shutterstock. Charts from TradingView.

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Bitcoin Cash Price Gets Skewed due to Exchange Trickery

A lot of confusing action is taking place where the Bitcoin Cash price is concerned. Although its actual decline in value is quite obvious for everyone to see, the real price of BCH is not necessarily what people can see on Coinmarketcap. This is primarily because numerous exchanges treat BCHABC as Bitcoin Cash already despite nothing being decided in terms of which chain will be the longest. Bitcoin Cash Value Fluctuates Heavily Depending on where traders look at, the price of Bitcoin Cash will be either close to the $400 level or down to $250-ish. That is quite a large gap between prices, yet one that is also very easy to explain. Bitcoin Cash, as people knew it before the fork, no longer exists. Most professional exchanges have also retired this price ticker, for the time being. As the hash war rages on, there are still a lot of unknown factors waiting to be addressed. Despite this ongoing kerfuffle, there is a net 5.76% decrease in the Bitcoin Cash price, and a 5.4% decline over Bitcoin. More specifically, that is what CoinMarketCap reports at this time, although this is not necessarily the case whatsoever. In fact, some exchanges are clearly jumping the gun by labeling BCHABC as BCH and thus dragging the Bitcoin Cash price down a bit more. Exchanges currently engaging in this activity include Bittrex and Coinex, neither of which plays a big role of importance when it comes to trading. However, based on the current value of BCH on Bitfinex and Gate.io, it seems a similar incident is taking place. One also has to keep in mind Bitcoin Cash was getting battered ahead of the network split as well. Most exchanges have halted trading of BCH indefinitely, primarily because the currency no longer exists. It is evident either BCHABC or BCHSV will take over that name in the future, but nothing has been decided at this point. As such, any trading referring to just “Bitcoin Cash” or “BCH” should be avoided, as most users can never be sure which currency is effectively being traded under this name. All of this skews the picture pertaining to Bitcoin Cash altogether. Coinmarketcap reports there is still $392m in trading volume for BCH, even though that is virtually impossible right now. With so many exchanges freezing deposits and withdrawals, it is evident actual BCH trading is no longer possible whatsoever. Virtually all platforms have deposits of BCHSV and BCHABC frozen as well, which only makes this market trend more confusing. It is safe to say the entire network split has been a bit of a mess first and foremost. In the case of Bitcoin Cash itself, that name will – under the current circumstances- not be used across exchanges for much longer. Instead, the two separate camps need to be treated as such first and foremost. Until things settle down – with might not necessarily happen anytime soon – the Bitcoin Cash price itself is pretty much irrelevant for most traders and speculators. Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency. The post Bitcoin Cash Price Gets Skewed due to Exchange Trickery appeared first on NullTX.

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