The Bitcoin price has failed to push above a relatively low resistance level at $8,374, making a bigger pullback into the mid-$7,000 region more likely.<\/p>\n
According to Arca\u2019s chief investment officer Jeff Dorman, the current state of the cryptocurrency market, given the low volume of bitcoin, incentivizes traders to short bitcoin<\/a> until bottom levels are hit.<\/p>\n Traders in the cryptocurrency market often utilize BitMEX to place long or short BTC contracts and the low volume of the exchange could make it easier for bears to maintain control.<\/p>\n Since the July peak earlier this year during which the bitcoin price spiked to as high as $13,920, the weekly volume of BTC on BitMEX<\/a> has dropped from $55 billion to around $15 billion, by more than 72 percent.<\/p>\n The volume of BitMEX, in particular, is important for traders as it is the largest margin trading platform in the global cryptocurrency market, and it is speculated to have the biggest impact on the short term price trend of bitcoin.<\/p>\n Some traders who are considered to trade with large size on cryptocurrency margin trading platforms are not dismissing the possibility of bitcoin dropping to the low $6,000 region in the short term.<\/p>\n Patiently waiting for $6k $BTC<\/a> levels where I will add to long-term holdings.<\/p>\n Good luck homies.<\/p>\n — Angelo\u0e3fTC (@AngeloBTC) October 15, 2019<\/a><\/p><\/blockquote>\nTraders are not discarding potential drop of bitcoin to $6k<\/h2>\n
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