Similar to the viewpoint of billionaire investor Mike Novogratz, Rampage emphasized that the market has started to demonstrate seller fatigue, and the bears of the market are no longer willing to sell at a low price of mid-$6,000.
“Low volatility and volume gets more and more bullish the longer it goes on. Interest in the market is at an all-time low, supported with low volume and volatility, which means the sellers have finished selling. This is the bottom. Buy when no one is looking,” he explained.
Alex Kruger, a cryptocurrency trader, noted that BTC has begun to establish legs at $6,500, which suggest that Bitcoin is breaking out higher and the probability of a short-term rally is higher than before.
“BTC breaking out higher. Volatility at all time lows. Should have legs,” Kruger said.
The volume of Bitcoin still remains low and analysts expect it to be low throughout the weeks to come. But, at the moment, analysts in the cryptocurrency market consider the low volume of BTC as the lack of sellers in the market, which could create a bull-biased market in the near future.
Tron and 0x Rally
Tron and 0x recorded a 14 percent increase in price overnight, as Bitcoin, Ethereum, Ripple, and Bitcoin Cash recorded a slight increase in value.
0x is said to have increased by a large margin in the past 12 hours due to rumors that Coinbase, the world’s largest cryptocurrency brokerage, is close to integrating it into its exchange. Previously, Coinbase announced the launch of a new listing process of tokens and released its intent of listing 0x, BAT, Cardano, and Stellar in the months to come.