Topic: The goal of the encryption market is to rebound to $21.5 billion

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In the past 24 hours, Bitcoin Cash price has risen 20% driven by Bitmain's initial public offering (IPO), but the rest of the encryption market has remained relatively stable at low prices.

 

The valuation of the cryptocurrency market has remained at $215 billion, as both Ethereum and ETH (Ethernet's native cryptocurrency) prices have risen slightly by 0.5%.

 

Is it a short-term rally?

Crypto Dog, a well-respected technical analyst in the cryptocurrency industry, said that if the valuation of the Bitcoin market could easily break the $114 billion mark, a short-term rebound could be achieved.

 

"This is exactly what you want to see in the retest. It's still pretty good so far. He wrote that clearing $114 billion in market resistance, we will see a sharp rise again.

 

This week, many experts and well-known investors, including billionaire hedge fund legend Mike Novograz, stressed that $6,600 is an important resistance for Bitcoin.

 

In the past few days, Bitcoin price has been in a downward trend, falling from about $6,520 to $6,440. Still, as September 26 did, as long as the number of bitcoins could be maintained in the middle of the $4 billion, leading encryption could trigger a small rebound in the short term.

 

However, Bitcoin needs to quickly rebound to the $6,600 area in the next few hours to confirm a short-term rebound. Bitcoin has been on a downward trend since reaching $6,550 18 hours ago. If Bitcoin fails to break through the $6,500 area, BTC is likely to test the low end of $6,000, given its increased sales pressure since September 22.

 

If the number of Bitcoins surges and it is easy to break through the $6,500 mark in the next few hours, then a strong short-term rebound is expected, especially since Ripple (XRP), Ethereum ( ETH coin ) and Bitcoin cash. In the past week (BCH), they have outperformed tokens, and most tokens are trying to record any significant upswings.

 

In short, the low transaction volume of Bitcoin poses a problem for traders, as low trading volumes may cause BTC to fall below $6,400 in the next 12 to 24 hours.

Token trend

 

Although most major cryptocurrencies and tokens have significantly exceeded Bitcoin since mid-September, the overall market trend still largely depends on the performance of Bitcoin. In view of the short-term weak changes in Bitcoin, unless the BTC shows a strong recovery, it is likely that the token will not initiate a short-term rebound in the near future.

 

XRP and BCH have begun to retrace, Ripple fell more than 3% in a few minutes, once again widened the gap between Ethereum and Ripple to $1 billion.

Due to the unpredictability of cryptocurrency in recent weeks, the current stage of the encryption market does not provide investors with a viable opportunity to explore high-risk transactions, especially since they often rely on bitcoin price movements.