Weekends have always been notoriously horrible when it comes to cryptocurrency momentum. Albeit there have been some exceptions in recent weeks, things aren’t looking impressive by any means right now. The Bitcoin price is getting stuck in sideways momentum once again, with the value moving down toward $4,300 again. Bitcoin Price Momentum Runs out of Steam Most cryptocurrency users will agree the Bitcoin price has seen some positive momentum throughout the past week. More specifically, we started the week with a Bitcoin price of $4,285 and saw a high of $4,462 shortly after. Unfortunately, this positive momentum ran out pretty
Weekends have always been notoriously horrible when it comes to cryptocurrency momentum. Albeit there have been some exceptions in recent weeks, things aren’t looking impressive by any means right now. The Bitcoin price is getting stuck in sideways momentum once again, with the value moving down toward $4,300 again.
Bitcoin Price Momentum Runs out of Steam
Most cryptocurrency users will agree the Bitcoin price has seen some positive momentum throughout the past week. More specifically, we started the week with a Bitcoin price of $4,285 and saw a high of $4,462 shortly after. Unfortunately, this positive momentum ran out pretty quickly, resulting in a fierce battle for control at the $4,300 mark. This is where we still are today, one week later.
It has to be said, things weren’t always looking great for the Bitcoin price this week either. At one point, the BTC value dipped all the way to $4,173.59. Although this is not the largest Bitcoin price dip we have seen in recent history, a did make some people wonder whether or not the $4,300 level could even be considered to be some form of support. Thankfully, the Bitcoin price leapfrogged back to that exact value less than 24 hours later.
Not much has happened to the Bitcoin price ever since that time, though. There have been a few attempts to establish a higher price point, but nothing materialized in the end. Breaching $4,400 was done successfully, but the price quickly went below this level again as people are seemingly purposefully keeping the BTC value down. It is unclear why $4,400 is such a major level, though, as it is still $600 removed from the current Bitcoin price all-time high.
At the time of writing, one Bitcoin is valued at $4.328.42, which represents a 1.72% decline over the past 24 hours. This is nothing to be concerned about, but traders also have to face the fact there will be a lot of sideways momentum moving forward. There is no indication of Bitcoin going up or down in any significant manner right now. It is certainly possible we will maintain a price of $4,150 to $4,350, but not much will happen outside of those “barriers”, so to speak.
Moreover, the Bitcoin trading volume is pretty abysmal right now as well. Granted, Saturdays and Sundays are never positive for cryptocurrency trading volume in general, but it is still odd to see the Bitcoin trading volume below $1bn all of a sudden. This volume has been dwindling slightly all week, though, as Bitcoin has been unable to generate its “usual” $2bn in 24-hour volume for several days in a row now. Whether or not that situation will change, remains to be determined, though.
Bitfinex still remains the largest exchange by trading volume, followed by bitFlyer and HitBTC. Not seeing Bithumb back in the top three by now is somewhat of a surprise, although the Korean volume has been drying up slowly for Bitcoin all week. Whether or not things will pick up again, remains unknown, but for now, things aren’t looking all that great. Sideways Bitcoin price action is incredibly boring to look at, that much is certain.