Throughout the past 24 hours, Bitcoin’s (BTC) price seemed to be showing momentum to drive beyond above the US$6,400 mark, demonstrating signs of a potential breakout.
However, an abrupt fall from US$6,430 to US$6,370 put an end to the breakout, as BTC failed to breach a minor resistance level.
With the volume of Bitcoin at around US$3.4 billion as shown on Einstein Exchange, the chance of a major breakout in the next 24 to 48 hours remains relatively low.
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On October 15th, heavily affected by speculation around Tether (USDT) triggered by the issues between Tether LLC and its US dollar bank, the price of the BTC-to-USDT pair rose to around US$7,700.
As a reasult, the Bitcoin price on fiat-to-cryptocurrency exchanges such as Coinbase, Bitstamp, and Kraken also surged substantially to around US$6,800.
Since then, the price of BTC has fallen to the range of US$6,350 to US$6,450, stuck in the same range for more than 10 days since October 16th.
The sudden increase in the price of BTC on October 15th from US$6,120 to US$6,800 served as an important short-term catalyst to drive the recovery of Bitcoin. Influenced by the price movement of BTC in mid-October, throughout the past week, Bitcoin has been able to protect the US$6,300 support level despite its insufficient volume and low trading activity in the cryptocurrency exchange market.
In recent months, Ripple (XRP), B Cash (BCH), EOS, and Stellar (XLM) have demonstrated a price trend which reflects that of alt coins and small market cryptocurrencies. The four major cryptocurrencies recorded losses in the range of 1 to 3% against the US dollar.
