Bitcoin’s price has tried, and on several occasions, failed, to break through the psychologically important $7,000 figure, potentially leading to a continuation of the persisting sideways markets.

At the time of writing, the cryptocurrency markets are trading sideways following yesterday’s relatively minor BTC price drop, which led many cryptocurrencies to tumble 3% or more. Bitcoin is currently trading at $6,330, slightly above the bottom of its long-established trading range between $6,200 and $6,700.

It is currently unclear whether or not there will be significant buying volume in the $6,200 region, although it has historically acted as support over the past couple months. Since early September, when Bitcoin first established its aforementioned trading range, its price has dipped to $6,200 on three occasions, each time bouncing back towards the top of the trading range near $6,700.

During this period of unprecedented ranging, many altcoins have the opportunity to post some relatively large gains, including XRP, BAT, and ZRX.

XRP is currently trading at $0.44, down from its weekly highs of nearly $0.50. Despite being off its highs, XRP has had a relatively good past couple of months, currently up from its September lows of $0.25. Its price rise has been driven by a combination of Ripple’s xRapid release and increased utilization from non-Ripple companies, like Coil.

ZRX and BAT have both had good months due to what traders call the “Coinbase effect.” Both of these cryptocurrencies surged on news that the exchange was listing them on their platform.

ZRX is currently trading at $0.77, up significantly from its September low of $0.47. BAT has also posted large gains over the past couple of months, currently trading at $0.247, up from its September lows of $0.13. BAT is currently trading up 6% in the past 24-hour trading period.

Analysts Believe an Upwards Breakout is Imminent

Matt Newton, a cryptocurrency analyst, recently told The Independent that the markets are going to need a catalyst to break through the $7,000 barrier.

"The market is showing no real strength on either the upside of the downside, as bitcoin finds itself unable to break the $7,000 barrier. The market is looking for a catalyst to make its decisive move, which may well [sic] be imminent," he said.

Earlier this month, Mati Greenspan, a prominent cryptocurrency analyst, spoke to MarketWatch, explaining that it is likely that Bitcoin will range for several more months before breaking upward, but this isn’t necessarily a bad thing.

“It’s only a matter of time now. Of course, the flat-line pattern could easily remain for another few months, and that wouldn’t be a bad thing; however, there are signs of excitement boiling underneath the cool price action exterior.”

All the cryptocurrencies mentioned in this article are available to trade on covesting.io