On yesterday’s report, CCN noted that a downtrend in the short-term is expected due the relatively low volume of digital assets including bitcoin, Ethereum, and Bitcoin Cash. Currently, as of July 8, the daily volume of Tether (USDT), a stablecoin whose value is hedged to that of the US dollar, is nearly two times larger than the volume of Ethereum.
Regardless of the low volume, major digital assets were able to secure momentum throughout the past 24 hours, allowing the cryptocurrency market to recover slightly, by 6.5 percent.
As seen in the 1-day chart of bitcoin provided below by TradingView, the price of bitcoin has been stable in the $6,300 to $6,800 region since June 30, struggling to initiate a major movement. The stability the cryptocurrency market has seen over the past nine days is similar to a period in early June, during which the crypto market remained relatively stable in the $7,300 to $7,800 region before recording a massive sell-off, sending the price of bitcoin to the higher end of $5,000.
The condition of the bitcoin market remains identical to late June. If BTC experiences a sudden spike in volume and engages a movement to the upside that enables the price of BTC to surpass $7,000 and secure major support levels, a short-term rally is a possibility.
However, if BTC fails to test the $7,000 mark repeatedly, a minor correction is more likely than a rally in the upcoming days. As of now, a move towards the mid-$6,000 region is more likely than a break to $7,000 due to its low volume and momentum. Technically, one optimistic take away from the recent corrective rally of bitcoin is its neutral Relative Strength Index (RSI) at 53 and moving average convergence divergence (MACD).
(Source from https://www.ccn.com )