The price of Bitcoin has fallen from around $6,400 to $6,300 over the past 24 hours.
The volume of Bitcoin however remains above $4.4 billion, up more than 46 percent from earlier this month when the daily trading volume averaged at around $3 billion, BTC is struggling to sustain momentum in the mid-$6,000 region.
As a result of the stability in the crypto market at the $211 billion mark, a breakout above the $6,450 mark within the next 24 to 48 hours might not be possible.
Thies, a managing partner at UTR, wrote: “Looking for $6,275 (at least) on this slow bleed, ideally seeing a try to upside after. Resistance at $6,375 region continuing to hold us back on several time frames. Supports at $6,000, $6,200, & $6,275. Resistances above $6,450, $6,650 & $7,400,”