Bitcoin Sluggish at $6,510, But a Wild Swing is on the Way

Published by

Bitcoin is being stable and inactive at $6,500 while volatility indicator shows a big swing is coming which could either be bearish or bullish. Meanwhile, Australian and New Zealand authorities are yet again alerting the public of Bitcoin & crypto scams.

Bitcoin being inactive, but bears & bulls are imminent

Bitcoin is currently silent with no action whatsoever as at the time of writing, it has been trading at $6,510. The world’s leading cryptocurrency has been managing the daily trading volume of about $4.3 billion. Till now, Bitcoin’s highest level for today has been $6,528. After repeatedly testing the $6,000 level, Bitcoin is maintaining stability around the $6,500 mark.

Bitcoin 1-day price, Source: TradingView

Right now, Bitcoin is facing resistance at $6,540 against the US dollar which is a crucial stage for Bitcoin get past in order to gain momentum.

In the meantime, according to the data from the Bitcoinity, the volatility indicator has struck its lowest level for 21 months. The decrease in volatility is a positive facet that shows the leading cryptocurrency is not as much vulnerable as it has been emphasized.

Source: Bitcoinity.org

Reportedly, an extended period of volatility also means a big price swing is coming and soon, which could either be bullish or bearish.  

So, if Bitcoin fails to breach the $6,540 level and rather takes a drop, we can see the price hitting the June low

Furthermore, as shared by the crypto analyst on twitter,

advertisement
pointer; background: #484848; padding: 3px; } #sticky-footer p { color: #333; font-size: 15px; display: inline-block; font-weight: 300; letter-spacing: .2px; } #sticky-footer a { text-align: center; border-radius: 3px; display: inline-block; width: 100% } #sticky-footer .close { position: absolute; right: 0; top: 0; width: 50px; height: 50px; background: url('https://cdn.coingape.com/wp-content/uploads/2018/03/27165808/cross1.png')center no-repeat; display: block; cursor: pointer; transition: all .25s ease; } #sticky-footer { width: 1440px; height: 40px; } @media (max-width:800px) { #sticky-footer { width: 1440px; height: auto; } } @media (max-width:480px) { #sticky-footer { display: none; ; } } #carousel-4 .wcp-carousel-main-wrap .post-style-2 .wcp-content-wrap{display:none}

Also, read: Experts Predict Gold to Surge over Fiscal Woes & USD Crisis, What about Digital Gold-Bitcoin?

Meanwhile, Australia & New Zealand authorities alerting about scams

Australia has been making progressive steps toward cryptocurrencies while continuously alerting the public about the scams happening in this space. This time Australian tax authority has put on its website a phone scam – fake tax agent alert stating:

“ATO impersonation scams reported by the community in September 2018 highlighted a new method of initiating a three-way conversation between the scammer, the victim, and another scammer impersonating the victim’s tax agent.”

With a real instance, the authorities have been trying to ensure not only the growth of this market but also taking proper actions for consumer protection.

As for in New Zealand, with “police remind people to be alert for online scams”, the general population has been alerted.

The announcement reads,

“Canterbury Police are reminding people to be vigilant of online scams and think twice before sharing private information” before further adding “the scam involved investments in cryptocurrencies, such as bitcoin.”

A number of points like offering an extremely good return on minimal investment that seems too good to be true needs to be reported to the police.

advertisement
Sagar Saxena

Passionate about Blockchain and has been researching and writing about the Blockchain technology for over a year now. Also holds expertise in digital marketing. follow me on twitter at @sagar2803 or reach out to him at sagar[at]coingape.com

Share
Published by

Recent Posts

  • News

Tanzania Set to Launch Its Digital Currency

According to a statement issued by the Governor of the Bank of Tanzania, Florens Luoga,…

November 27, 2021
  • Bitcoin News
  • Price Analysis

Bitcoin Price Analysis: BTC On Sale At $54,000 On Black Friday

Black Friday delivers a rare buying opportunity right on cue for Bitcoin investors, with black…

November 27, 2021
  • Price Analysis

GALA Price Analysis: The GALA Coin Marks $0.836 As A New All-Time High; Will It Break This Level As Well?

The GALA token price is continuing to sail north, and in just two weeks, it…

November 27, 2021
  • Price Analysis

Cardano Price Analysis: The ADA Coin Stands At The Last Fibonacci Retracement Support Of 0.718. Is There Still Hope For Bulls?

After rejecting from the $3 mark, the ADA coin entered this retracement phase. The coin…

November 26, 2021
  • Press Release

KingSpeed Reveals Huge Backers Following A Successful Private Round of $1.2 Million

Hanoi, Vietnam, 26th November, 2021, ChainwireWith racing, upgrading car parts and trading gears, KingSpeed is…

November 26, 2021
  • Price Analysis

Siacoin Price Analysis: The SC Coin Prepares To Breach The $0.0277 Resistance

For the last six months, the SC coin price has been wavering in a sideways…

November 26, 2021