Crypto Market Stagnant as Bitcoin Price Fails to Breakout, Back to $6,390

However, an abrupt fall from $6,430 to $6,370 put an end to the breakout, as BTC failed to breach a minor resistance level.
Stability of Bitcoin: Same Range Over and Over Again
On October 15, heavily affected by speculation around Tether (USDT) triggered by the issues between Tether LLC and its US dollar bank, the price of the BTC-to-USDT pair rose to around $7,700 on Bitfinex.

As a consequence, the Bitcoin price on fiat-to-cryptocurrency exchanges such as Coinbase, Bitstamp, and Kraken also surged substantially to around $6,800.

Since then, the price of BTC has fallen to the range of $6,350 to $6,450, stuck in the same range for more than 10 days since October 16.

The sudden increase in the price of BTC on October 15 from $6,120 to $6,800 served as an important short-term catalyst to drive the recovery of Bitcoin. Influenced by the price movement of BTC in mid-October, throughout the past week, BTC has been able to defend the $6,300 support level well despite its insufficient volume and low trading activity in the cryptocurrency exchange market.