Bitcoin dozes in a range as crypto craze gives way to cannabis fever

Cryptocurrency market is a mix of green and red today with the majority of top-20 coins staying within narrow ranges mostly unchanged since the beginning of Monday. Bitcoin, the digital cryptocurrency No.1 is changing hands at $6,595, off the Aisan high at $6,637. The strong resistance $6,640 caps feeble recovery attempts amid practically non-existent trading volumes and diminishing volatility.

Bitcoin and cryptocurrency popularity peaked in December2017 and has been sliding ever since, according to Google Trends data. The number of bitcoin-related queries has settle at the levels that preceded the crypto rush in the end of 2017, which means that the speculative is over. Experts believe that the decline in search queries are a natural process that reflects the market maturing. As the concept is familiar to the majority of ordinary people, the searching crowd is limited to those who’s involved in crypto business or looking for the exposure. 

Meanwhile, as one speculative fever is over, the next one is already upon us, ready to take the vacant place. Marijuana-related search queries outnumbered the crypto-related searches in the end of September, according to data, compiled by Bloomberg. People want to know how to buy as stocks of the companies linked to cannabis catapulted amid new investment mania. 

Bitcoin’s short-term technical picture

BTC/USD slipped below $6,600 handle, but it is still safe as long as the price stays above $6,560-$6,580 area as a cluster of moving averages creates a strong support for the coin. If it is broken, the sell-off may be extended towards $6,520 support and to September’s low at $6,108 and followed by psychological $6,000.

The upside is still capped by $6,640 created by a confluence of SMA levels, Fibo 61.8% weekly, 1hour high, 4hour high and Bollinger Band 1hour Upper. The next barrier is seen at $6,700.

BTC\USD, 1-hour chart