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Author Topic: [2018-07-01] Bitcoin Remains at $6,300 as Crypto Market Gains Stability  (Read 27 times)
Psicotico
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July 01, 2018, 09:17:20 PM
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Bitcoin Remains at $6,300 as Crypto Market Gains Stability amid Low Volumes.

The bitcoin price has dropped slightly by 1 percent over the past 24 hours, declining below the $6,400 mark. Other major digital assets have failed to record any significant movement on both the upside and the downside.

Low Volume Has Led Market to Drop
Throughout last week, the cryptocurrency market has seen a lack of daily trading volume on most of its major digital assets. Bitcoin recorded a daily volume of around $3 billion while Ethereum struggled to see a volume of over $1 billion.

As of July 1, the volume of BTC remains above $4.2 billion and the volume of ETH has also recovered to $1.4 billion and the market is at a significantly better position than where it was a week ago.

Still, the cryptocurrency market has started to enter yet another downtrend with Ripple (XRP) and Bitcoin Cash (BCH) recording a 2 percent loss in the past few hours. Given the high daily volume of Tether (USDT), a digital asset whose value is hedged to the US dollar at nearly $3 billion, the market is showing a high level of volatility.

In the short-term, the market will likely struggle to initiate a major movement on the upside or the downside. The lack of demand coming from the bulls and the lack of pressure from the bears will likely result in the cryptocurrency market and major cryptocurrencies like BTC, ETH, and XRP to remain at their current levels.

If the volume of stablecoins including USDT continue to surge and traders start to allocate their holdings in digital assets to stablecoins, a slight correction in the short-term can be expected. On Bitfinex and Binance, BTC has initiated a sell daily candle, ending its recent corrective rally that saw the price of BTC jump from $5,780 to $6,500.

The relatively low volume of BTC in comparison to early May and April could likely result in BTC dropping to below the $6,000 mark once again, especially if BTC fails to secure its support level at $6,200.

Even Perma Bulls Expect Downtrend to Continue to $5,000
As CCN previously reported, Arthur Hayes, the CEO at major bitcoin exchange BitMEX, said on CNBC Fast Trader that the price of BTC will highly likely achieve $50,000 by the end of 2018. Hayes also noted that BTC will bottom out in the range of $3,000 to $5,000. But, in the mid-term, BTC will surpass its all-time high.

“I think that something that goes up to $20,000 in one year can have a correction down to $6,000 and will definitely find a bottom at about $3,000 and $5,000 range,” Hayes said.

The cryptocurrency market is experiencing a fast-forwarded version of the 2014 correction, and bears have sold off their holdings too quickly, leading the entire market to demonstrate a strong oversold condition. As such, analysts expect the cryptocurrency market, as it did in its downtrend, to experience intensified movements on the upside in the last quarter of 2018.

https://www.ccn.com/bitcoin-remains-at-6300-as-crypto-market-gains-stability-amid-low-volumes/
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BitHodler
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July 02, 2018, 01:32:47 AM
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Arthur Hayes's words should not be taken seriously when it comes to predictions. If he admits that he doesn't care about the price as long as it is volatile, he just throws around with random numbers to politely provide an answer.

Important factor is that the sentiment has quickly become far more negative in the last weeks, and this may turn out to be an indicator that the bottom is near. This market always moves against the sentiment, so be ready in case we go up.

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July 02, 2018, 10:20:14 AM
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Is its just me or as this so called experts open their mouth and say something negative about the price, bitcoin suddenly ups the ante and move on the opposite direction. Yes, I have to agree that it looks like the sentiments are not that negative in the last couple of weeks since we bottom again. I really don't understand the correlation between 2014 and today's bearish market, but it seems that they are coming up with all the excuses, but bitcoin is far from over and we may see a good 5 digits at the end of the year.

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July 02, 2018, 11:46:00 AM
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Arthur Hayes's words should not be taken seriously when it comes to predictions. If he admits that he doesn't care about the price as long as it is volatile, he just throws around with random numbers to politely provide an answer.

Agreed. BitMEX wants you to bet on/against the market, regardless of the price.

Something that I noticed, which pretty much could confirm this, is the increased popularity of BitMEX.

All exchanges and crypto related services have lost a significant amount of traffic in the last months, which is normal since the hype is no longer present. Interesting counter fact is that BitMEX, as the only major crypto related entity, has been gaining an incredible amount of traffic, and that continuously. It's doing better than ever before.

This might indicate that people haven been looking for ways to short Bitcoin and the few other crypto currencies it has listed, all to increase their coin quantity on the way down.

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July 02, 2018, 11:49:46 AM
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It seems to me that it makes no sense to talk about some economic understanding of the price of bitcoin. The price is influenced by a large number of artificial factors. The cryptocurrency market is under the manual control of whales. As soon as they accept for himself the decision that further cost containment has no meaning prices will go up at any volume. Rapid price increases will warm up the market and cause a rush of demand. We've been through in the last year.

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