Bitcoin is still stuck around $6,600, however, a breakout is coming soon. But it’s direction is unknown. Would this year see the same explosion in price as last year?
Bitcoin breakout coming soon but direction unknown
For the last few days, Bitcoin remains to be ineffective as it shows meager movement at around $6,600. At the time of writing, Bitcoin has been sitting at $6,571 while being slightly in the red. Today’s price range has been between $6,564 and $6,644.
The world’s leading cryptocurrency is stuck around $6,600, however, the price is showing signs of breakout that can take place soon. But the point worth noting here is that the technical indicators are still giving mixed signals, so it is hard to determine in which direction prices would move.
One of the most concerning factors right now is lack of volume as Bitcoin is still managing the daily trading volume of $3.9 billion for quite some time now.
Will this year end with a surge?
For now, Bitcoin is showing steady but increased growth trend. However, this can certainly change the track as q4 has a history of taking Bitcoin prices upward. Though there have been a lot of positive developments and news in the market, investors seem to be looking for more catalysts to actively jump in.
No one knows for sure, but given the fact that Bitcoin has seen volatile months followed by a rise during the last quarter in the past it is a possibility as shared by the trader Josh Olszewicz on Twitter:
— #BrotoshiMoku (@CarpeNoctom) September 6, 2018
With ICE’s Bakkt coming next month and launching physically delivered bitcoin futures contracts, the rally just might start soon. However, given the way the Bitcoin futures by CME are being seen as affecting the price of Bitcoin as investors get to short or long on Bitcoin, we might also get to see new lows in the future.
Currently, Bitcoin is trading in a bear market despite the positive and bullish scenario talked by charts and experts. So, if Bitcoin does take a hit and drops low, this will bring in an influx of buyers driven by FOMO. These investors who missed out on Bitcoin before and are now looking to buy it cheaper will bring their funds into the market.
It might not be sure as to in which direction bitcoin might go, but it seems like the stability at about $6,000 will finally get moved.
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I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. follow me on Twitter at @arya_achal or reach out to me at achal[at]coingape.com.