Bitcoin Struggles for Gains as Volume Hits 36-Week Low

Bitcoin's corrective rally has stalled around $6,400 on Monday amid low trading volumes.

So far, the break above $6,400 has remained elusive, likely due to anemic trading volumes.

Bitcoin's total trading volume across all cryptocurrency exchanges fell to $2.92 billion on Saturday, the lowest level since November 7, according to CoinMarketCap.

The drop in the trading volume likely indicates the bargain hunters are not particularly impressed by BTC's reversal from the two-week low of $6,080 and also puts a question mark on the BTC's ability to hold above the key support of $6,000.

At press time, the leading cryptocurrency is trading largely unchanged on the day around $6,360 on Bitfinex.

The 24-hour trading volume has improved slightly to $3.5 billion, according to CoinMarketCap.

The above chart shows the Bollinger Bands are flatlined, meaning BTC lacks a clear bias.

A close above the 20-day MA, currently located at $6,400 would open the doors for completion of the inverse head-and-shoulders target, i.e. BTC could rally to $6,838.

BTC will likely have a tough time holding on to gains above 20-day MA if the trading volume remains weak.

View Low trading volumes are complicating bitcoin price recovery.