Bitcoin Price Unexpectedly Rises to $6,600, as Market Adds $5 Billion in Hours

Within the past six hours, the cryptocurrency market has added $5 billion to its valuation as Bitcoin demonstrated an unexpected increase in its price.

1-day chart of total crypto market

valuation, chart provided by Coinmarketcap.com
Throughout the week, Bitcoin struggled to demonstrate recovery in its volume and momentum, as it fell below the $6,500 mark, a level which the dominant cryptocurrency managed to sustain for several weeks.

Since August 9, the price of BTC has remained relatively stable in the range of $6,400 to $6,800. Apart from one instance in late September during which Bitcoin tested the $7,000 resistance level, the asset has shown a record high level of stability since June of 2017.

Bitcoin Rises Abruptly
Earlier this week, the vast majority of technical analysts and prominent crypto traders expressed their negative stance towards the short-term price trend of BTC.
One trader who goes with the online alias “Rampage” stated that the declining volume and consistent demonstration of lower highs are expected to lead the price of BTC to drop.

“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,” he explained.

Since then, the volume of Bitcoin actually dropped even more, from $4.3 billion to $3.8 billion on Coinmarketcap. On Coincap.io, the cryptocurrency market data provider of ShapeShift, which filters out exchanges suspected to have inflated volumes, the daily trading volume of Bitcoin hovers at around $2.57 billion, down 0.23 billion since October 2.

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https://www.ccn.com/bitcoin-price-unexpectedly-rises-to-6600-as-market-adds-5-billion-in-hours/