Tanya Abrosimova
Independent Analyst
- Bitcoin sits above $6,400, waiting for new triggers.
- Cryptocurrency exchanges registered lower trading volumes in October.
Bitcoin stays marginally above $6,400, after a strong rally on Sunday. The digital coin No. 1 returned to the previous rangeб but the upside seems to be limited due to decreased trading activity
Trading volumes decreased
The aggregate trading volumes on leading cryptocurrency exchanges decreased sharply in October as compared with September figures.
"We see a significant decrease in trading volume, comparing the 30-day data for September and October," an independent ICO database provider ICO Drops reports.
Thus, OKEx (Hong Kong) and Huobi (Singapore) registered a 47% decrease, while Poloniex (the USA) showed an even deeper drop of 56%. KuCoin and Bibox lost only 3% and became least affected.
The world's leading cryptocurrency exchange by average daily trading volumes also retreated from September position - down 32%.
Bitcoin's technical picture
On the daily chart, BTC/USD is capped by DMA50 currently at $6,440, which is closely followed by Sunday's high and the upper line of the recent channel at $6,460. The next strong hurdle lies with $6,570-$6,600 congestion zone that stopped the upside at the end of September.
On the downside, the support is created by $6,200 with October 29 low located marginally above this level. Once it is broken, the sell-off may be extended towards the recent low $6,060 and to the critical $6,000, where a fresh buying interest is likely to appear.
BTC/USD, the daily chart
Get 24/7 Crypto updates in our social media channels: Give us a follow at FXStreet Crypto Trading Telegram channel
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
CAKE price bottoms out as PancakeSwap announces $25 million burn
PancakeSwap’s price increased nearly 3% on Monday after the decentralized exchange platform on the Binance Smart Chain announced a token burn of more than 8.9 million CAKE tokens, collected from trading fees across Automated Market Makers Version 2 and 3 of the platform.
Ripple lawsuit to see SEC response on Monday, XRP nears 4.5 million mark in liquidity pools
Ripple closed above $0.52 on Sunday and resumed its climb on Monday, May 6. Sentiment among market participants is positive as traders await Securities and Exchange Commission response filing and XRP locked in Automated Market Maker liquidity pools crosses 4.31 million.
Crypto AI tokens post near double-digit gains amidst launches from NVIDIA, OpenAI and Amazon
AI-based cryptocurrencies have experienced nearly double-digit or higher gains on Monday, well above the price increases seen among the main crypto assets, likely fuelled by recent announcements of new developments from AI and tech giants in the US.
Addressing the crypto investor dilemma: To invest or not? Premium
Bitcoin’s consolidation crosses the two-month mark but shows no signs of a breakout or a directional move. Investors waiting with bated breath for a volatile move remain confused about whether to buy the dips or keep some cash reserves for a rainy day.
Bitcoin: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.