CCN noted in a yesterday report that a short-term downtrend is expected due to the relatively low volume of digital currencies, including Bitcoin, Ethereum and Bitcoin Cash. Currently, as of 8 July, the daily volume of Tether (USDT), a stablecoin whose value is covered by that of the US dollar, is almost twice as large as the volume of Ethereum.
Regardless of the low volume, the main digital currencies have been able to increase in value in the last 24 hours, allowing the cryptocurrency market to recover slightly, in fact recovering 6.5%.
The price of Bitcoin now moves near the recent highs reached in the area of 6,700 dollars, a level that represented a strong resistance and according to our previous analysis the exceeding of 6,700 dollars would have led to the target of 7,000 dollars in short, we still believe that this remains the most probable hypothesis. In the coming hours the market should go to test the $ 7,000 bringing positiveness on all the major cryptocurrencies, Ethereum, Ripple, Bitcoin Cash, Eos, Cardano and Tron that are also the most attentive by traders and investors, negative signals instead would come if the Bitcoin price fell below $ 6,500, which is now the main medium in the short term.