Markets Trading Flat After Fake Breakout, Bitcoin Hovers Around $8,300

Wednesday, Oct. 2 - After a fake breakout, where Bitcoin jumped upwards from a seven-day low of $7,746 to $8,480 from Sept. 29-Oct. 1, BTC slowly retraced to its current price level.

One week since Bitcoin suffered from double-digit losses, the coin is back to trading sideways, at a similar price point as seven days ago.

The most popular crypto coin was showing bullish price behavior over the last 48 hours, which proved to be unsustainable, most likely due to the lack of high volume.

BTC has been trading around the $8,300 price mark for most of the day.

Since hitting an intraday high of $8,400, BTC has been slowly retracing to its current price point of $8,249, down 0.65% in the last 24 hours.

"If the May 2020 stock-to-flow ratio for Bitcoin is factored into the model, a vertiginous price of around USD 90,000 emerges."

Ether has been trading in sync with the overall cryptocurrency market and has seen a small gain of nearly 1% on the day.

The number one altcoin is currently trading at $178 per coin at press time.

Ripple's XRP is trading at about $0.25 per coin and is showing little price difference over the past 24 hours.

According to data from Coin360, most of the top-20 coins are trading within a 2% gain or loss, with Chainlink being an exception with an impressive gain of 6% on the day.