Bitcoin’s overall trading volumes across cryptocurrency exchanges has dipped to nearly USD 2.92 billion, the big dip witnessed in its trading volume since November last year. Reportedly, the USD 6,400 bid for Bitcoin has remained elusive over the weekend, owing to low interest displayed by the investors in the leading cryptocurrency.
Stock Analysts have forecast that the dip in the trading volume displays that the bargainers are not influenced by Bitcoin’s reversal after its two-week low trading at USD 6,080 on last Thursday. They have further raised doubts over the reputed cryptocurrency’s capability to trade over USD 6,000.
Researchers have claimed that at the time of press release, Bitcoin traded at USD 6,360 on Bitfinex. However, it has been reported that the twenty-four hour trading volume has improved through a minimal margin hitting nearly USD 3.5 million.
Bollinger Bands, a kind of statistical chart featuring the costs along with their volatility over the time of a financial instrument, have revealed standard deviation of nearly +2 and -2 on the twenty-day moving average, thereby demonstrating that the Bitcoin is lacking a clear bias. However, the above twenty-day moving average, which at present is located at USD 6,400, is likely to help it rally up to nearly USD 6,838.
However, experts speculate that it will be difficult for Bitcoin to hold on to the gains above a twenty-day moving average in the case trading volumes for the cryptocurrency remains weak.
The price of the leading cryptocurrency Bitcoin increased with BlackRock Inc., the World’s largest Asset Manager & exchange traded fund provider, reported that it was exploring new avenues of investing in Bitcoin, thereby seeking new opportunities to penetrate the cryptocurrency market.
BlackRock has proclaimed that it was examining the technology behind the crypto assets. The firm, which has been displaying interest in the digital currencies, has formed a group to review the functioning of the blockchain & cryptocurrency technology, thereby discovering the benefits of the market.