For the past two weeks, bitcoin has been trading in a tight sideway range, as the market activity of the first cryptocurrency has fallen to multi-month lows. On Wednesday, the first crypto currency dropped lower to $ 6,390, but managed to recover quickly and continues to show signs of improved market sentiment.
Yesterday we wrote that there are signs that the Bitcoin market is approaching a sharp increase in market activity and volatility. The breakthrough of the nearest resistance can send the price of Bitcoin to the operational upward space. Of course If the market manages to break through the resistance of $ 6700 dollars. Currently, bitcoin is trading below 200-day moving average (DMA), as it has been for a long time. The market has made several obvious attempts to break through this line of resistance for two month; however, the quotes bounced off every time. It is interesting that the 200th moving average coincides with the first significant resistance level of $ 6,700. Now we have to be ready and watch out the market activity more closely.