It seems the rough Bitcoin price trend is slowly coming to an end. It is still way too early to tell how things will evolve for Bitcoin over the next few days, but things are slowly looking up. More specifically, the Bitcoin price is still in the red, but the massive dip to almost $6,400 has been averted for now. With the Bitcoin price back to $6,645 right now, it will be interesting to see how long it takes to reach $7,000 again.
BITCOIN PRICE TREND REVERSAL SEEMS IMMINENT
No one can deny the past few days have been pretty tense for Bitcoin. With the Bitcoin price reaching a new all-time high a few days ago, things were looking pretty bullish. Ever since that time, however, the Bitcoin price has dropped by over $1,200 in a few days. Most of this money has flown to Bitcoin Cash, effectively pushing this altcoin to a new all-time high in the process. Whether or not this trend will reverse again for both coins in the future, remains to be seen. Right now, it looks pretty likely, though.
More specifically, the Bitcoin price is still down by over 6% in the past 24 hours. Five percent of such a high value results in quite a lot of money being lost for Bitcoin holders. Then again, the Bitcoin price was over $300 lower just a few hours ago, which further indicates things are not looking all that bad right now. This doesn’t mean we will see the Bitcoin price recover in full before the weekend is over, mind you, but it also shows the sky isn’t falling either. an interesting situation to keep an eye on in the coming hours, to say the very least.
This volatile Bitcoin price ride has certainly allowed speculators to make a lot of money. Over the past 24 hours alone, the Bitcoin price went from, $7,110 to $6,436 and is now back at $6,645. These wild fluctuations create a lot of day trading opportunities for Bitcoin holders. Especially margin traders will reap the benefits from opening longs and shorts on the Bitcoin price. There is so much momentum in place right now, the market can easily swing either way and completely reverse over the course of 24 hours.
One thing still working in Bitcoin’s favor is how the trading volume is still incredibly solid right now. With over $5.18bn worth of BTC changing hands in the past 24 hours, things are still looking pretty bullish for Bitcoin. Then again, the Bitcoin Cash trading volume is still close behind, despite a $1bn gap between the two. We also see Ethereum generate close to $1bn and Tether surpassing $740m in volume these past 24 hours. All of this momentum is incredibly bullish for cryptocurrency in general, and no one knows how things will evolve in the future.
Unlike all other major cryptocurrencies, the Bitcoin trading volume is not dominated by Bithumb for a change. Instead, Bitfinex is the largest exchange for Bitcoin, with a $160m lead over Bithumb. bitFlyer still completes the top three, although they face some strong competition from Bittrex’s BCC/BTC pair. It will be interesting to see how these markets evolve in the coming hours. We do see a total of 12 different trading pairs generate over $100m in 24-hour volume, which hasn’t happened all that often until now.
In the end, no one can make any accurate predictions as to where the Bitcoin price is headed. Right now, it seems a small recovery is forming, but it may not be a stable support for the long run. One has to keep in mind the current Bitcoin price is still a 550% increase compared to January of this year. There is no reason to panic and Bitcoin is not going away anytime soon. It is always important to look at the bigger picture rather than what happened today or in the past week. Bitcoin is still the king of cryptocurrencies, and it will be incredibly difficult to change that fact.
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