Bitcoin Price Could Hold $6,3K For Another Month Due to Low Volume
Over the last 24 hours, Bitcoin has slightly recovered from $6,230 to $6,260, unable to breakout of the $6,300 mark.
Throughout the upcoming days, if Bitcoin fails to stabilize in the $6,300 to $6,400 range, the price of BTC is at risk of dropping to the lower region of $6,000 and possibly below the $6,000 mark.
Major cryptocurrencies like Ethereum (ETH), Ripple (XRP), and Bitcoin Cash (BCH) have prevented extended losses below their low price range. But, ETH still remains below $200 and BCH is still at $416, struggling to recover from their 5 percent losses on October 30.
Bitcoin Needs to Close Over $6,380
According to respected cryptocurrency trader DonAlt, Bitcoin will need to close above the $6,380 mark in the next 12 to 24 hours to reverse the trend and initiate a rally on the upside. The failure to do so could result in another minor movement to the $6,000 to $6,200 range, moving dangerously close to the $6,000 support level which BTC has defended relatively well since August.