Since the beginning of September, the price of BTCOIN has gradually increased from $ 6,100 to $ 6,550, to test the $ 6,800 resistance level on two occasions. BTCOIN prices have seen four price declines over the past 30 days, and all dips have stabilized in an area higher than the previous decline in value.
On 9 September, the price of BTCOIN dropped to around $ 6,100 during its first decline during the month. On 16 September, a week after the initial decline followed by a correction rally, the price of BTCOIN dropped to $ 6250, a point higher than its previous low of $ 6,100..
On 26 September, after about 10 days of the second decline the price fell to $ 6,400. On October 4, the latest decline in price, BTCOIN dropped to an area higher than $ 6,400.
Is BTCOIN undergoing a gradual recovery?
Given that the price of BTCOIN has risen to the support level at $ 6,000, and that asset momentum at $ 6550 has intensified, it is quite likely that the assets will continue to recover gradually throughout the month of October. The rapid rise in price from $ 6,000 to a higher area such as $ 7,000 and $ 8,000 in the short term, similar to price action from $ 6800 to $ 8,000 earlier this year, is unlikely to be due to the decline in volume.
On October 6, the CCN reported that the volume of the petrochemicals had dropped from $ 4 billion to $ 3.2 billion on the Canadianmarket and from $ 2.6 billion to $ 2 billion on CoinCap.io, indicating that the massive increase in the price of protein is not possible over the short term.
If you continue to maintain momentum during September, it is likely to breach the resistance level of $ 6,800 and may be looking to enter the $ 7,000 mark. But given the positive regulatory developments in Japan, South Korea and the United States, many analysts expect BTCOIN to exceed key resistance levels at $ 8,000 and $ 9,000.
The gradual recovery is more likely than the sudden rise
BTCOIN and other digital currency prices have fallen from 69% to 80% in value in the past nine months, recording some of the biggest declines in value in recent years.
The short-term bubble is often followed with a gradual recovery in value, volume and market demand. Although the market has begun to show selling stress and clear signs of a decline in the $ 200 billion range, a gradual recovery could be more beneficial to BTCOIN over the long term.
