The course of bitcoin: the Cryptocurrency market is in a phase of deep sleep

  • And
  • +A

At the end of last week the bitcoin exchange rate has closed in the green. The surge in volatility was observed last Monday, October 15. Before opening the European session on the stock exchange Bitfinex price jumped 21.9%, to $7788 for bitcoin. The exchange rate difference between Bitmex and Bitfinex reached $970. The largest volatility observed in the market on those exchanges where traded Tether (teaser USDT).
Its sales were provoked by the message exchange KuCoin about the suspension of the withdrawal USDT and fake news in the form of a screen from the site that the exchange Binance will conduct delisting USDT. Later, the exchange KuCoin in his Twitter account said that the service wallet USDT completed and you can Fund and withdraw funds in USDT. Binance occurring market participants did not comment, and gave a link to the rating USDT, which is currently evaluated as “A” – very strong ability to meet their obligations.
As soon as fake news the situation cleared on all exchanges began kickbacks. On the stock exchange Bitfinex price fell from $7788 to $6723 (-13,67%) for bitcoin, Bitmex – c $6818 to $6366 (-6,62%). After such volatility, many traders suffered losses, which triggered the protective stop orders, avoid losses, and forced closure of open positions on stop out (lack of margin). The market immediately went into a resting phase.
Six days the pair bitcoin/USD is trading in the range of $6500 – $6900.
At the time of writing bitcoin is worth $6579. To buyers to return the price to $7800, they need to pass the level of $6840. Technical factors on their side. The sooner they pass the designated level, the higher the probability of growth above $7800. According to my estimates, the area key support is located between $6080 $6150.
______________
Vladislav Antonov,
Analyst
Alpari