Tanya Abrosimova
Independent Analyst
- Bitcoin sits above $6,400, waiting for new triggers.
- Cryptocurrency exchanges registered lower trading volumes in October.
Bitcoin stays marginally above $6,400, after a strong rally on Sunday. The digital coin No. 1 returned to the previous rangeб but the upside seems to be limited due to decreased trading activity
Trading volumes decreased
The aggregate trading volumes on leading cryptocurrency exchanges decreased sharply in October as compared with September figures.
"We see a significant decrease in trading volume, comparing the 30-day data for September and October," an independent ICO database provider ICO Drops reports.
Thus, OKEx (Hong Kong) and Huobi (Singapore) registered a 47% decrease, while Poloniex (the USA) showed an even deeper drop of 56%. KuCoin and Bibox lost only 3% and became least affected.
The world's leading cryptocurrency exchange by average daily trading volumes also retreated from September position - down 32%.
Bitcoin's technical picture
On the daily chart, BTC/USD is capped by DMA50 currently at $6,440, which is closely followed by Sunday's high and the upper line of the recent channel at $6,460. The next strong hurdle lies with $6,570-$6,600 congestion zone that stopped the upside at the end of September.
On the downside, the support is created by $6,200 with October 29 low located marginally above this level. Once it is broken, the sell-off may be extended towards the recent low $6,060 and to the critical $6,000, where a fresh buying interest is likely to appear.
BTC/USD, the daily chart
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