The bitcoin exchange rate is close to 6 000$, the voltage on the stock market is growing
Cryptocurrencies in the framework of the “summer of the ice age” again demonstrate “hysterical” trend amid low trading volumes, which have fallen since the beginning of may with $30 billion to less than $12 billion at the moment.
Interestingly, the trade volumes are falling faster capitalization. Current turnover is about 4 times below the January peak of $47 billion, while market capitalization fell slightly more than tripled, from $826 billion to $250. This can be seen as a sign of long-term investment demand and a decline in the proportion of speculators in the market.
From the technical analysis, attempts to recover last week ran into resistance above $6700 for Bitcoin. This area has not allowed the bulls up at the end of June. Now the short-term gaze is directed toward the area of support just below $6000.
If she did not resist, Bitcoin can survive a major sale finding new local minima. The closest scope in this case are the lows of June and November of last year near $5700. More distant target is $3600.
For the current working week of the reference bitcoin (BTC) showed a decrease of almost 10% from $6,900 to $6,250 at the moment.
Reasons as before: low trading volumes, pessimism and frustration of retail investors in the fast breakthroughs in the industry and obstacles from regulators. In the last day BTC adds about per cent, leading altcoins behave similarly.