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Bitcoin Price Beyond the new All-time High: Brief Dip Before Next leg up

TheMerkle Bitcoin price Byond 6200 ATHNow that  Bitcoin has set a new all-time high yesterday afternoon, it was only a matter of time until the momentum would sour again. Every new all-time high is met with a slight retrace before the next leg upward. Right now, the Bitcoin price is back below $6,000, rather than $6,170 like yesterday evening. A lot of people wonder what is next for the Bitcoin price, but things are still looking pretty good as we speak. Bitcoin Price dip is a Positive Sign Most Bitcoin users have grown used to the concept of seeing the Bitcoin price go up, retrace,

TheMerkle Bitcoin price Byond 6200 ATH

Now that  Bitcoin has set a new all-time high yesterday afternoon, it was only a matter of time until the momentum would sour again. Every new all-time high is met with a slight retrace before the next leg upward. Right now, the Bitcoin price is back below $6,000, rather than $6,170 like yesterday evening. A lot of people wonder what is next for the Bitcoin price, but things are still looking pretty good as we speak.

Bitcoin Price dip is a Positive Sign

Most Bitcoin users have grown used to the concept of seeing the Bitcoin price go up, retrace, and go up again. These cycles of gaining value, correcting, and gaining more value have become a lot more common these days. While Bitcoin may see less price volatility compared to a few years ago, the current Bitcoin price swings are often a lot bigger in terms of USD value. That is not necessarily a bad or strange thing, especially not when looking at the current Bitcoin price as a whole.

To put this into perspective, the Bitcoin price reached a new all-time high just yesterday. With the price finally surpassing $6,000 and $6,100 in quick succession, it was evident a correction would need to occur sooner or later. These corrections don’t have to be anything major, mind you, but right now, we are dealing with another $250 dip. With the Bitcoin price hovering near the $5,950 level right now, it is evident there was a very strong pullback, although it will not last all that long.

In fact, the Bitcoin price dipped all the way to $5,827 overnight, which is in very stark contrast to the $6,194 all-time high a few hours prior. Especially during the weekend, such price swings have become all the more normal as of late. This doesn’t mean we will see a full-fledged retrace anytime either, as reaching $6,000 again seems to be only a matter of time right now. Dips are designed to be bought, as it allows for some quick profits along the way.

Moreover, we still see a very strong Bitcoin trading volume over the past 24 hours. With $2.2bn worth of BTC changing hands across all exchanges, it is evident there is a growing demand for the world’s leading cryptocurrency. This is not entirely surprising, especially not with a few big dips along the way after setting this new all-time high. For the time being, it remains to be seen what the future may hold for the Bitcoin price, but things aren’t looking all that bad by any means.

The trend established over the past few weeks has not changed when it comes to exchanges ranked by trading volume. Bitfinex is still firmly in charge, followed closely by Bithumb. bitFlyer is still in third place, as no other exchanges generate over $100m in trading volume right now. This is slightly different from how things were looking yesterday, even though the entire top 5 of exchanges ranked by trading volume is only made up of fiat currencies. A solid trend for Bitcoin, that much is rather evident.

All things considered, this brief dip is doing the Bitcoin price some favors right now. Every new all-time high needs a small correction before the uptrend can be resumed. Even a near $400 dip is pretty insignificant when looking at the bigger picture for Bitcoin. With just a 2.53% loss over the past few hours, things are still looking pretty positive for the time being. It is only a matter of time until we see $6,000 again, and even $6,100 isn’t completely out of reach for later today.

Bitcoin Bigger Idea Than Apple, Amazon Says Ark Investments CEO – CoinTelegraph

CoinTelegraphBitcoin Bigger Idea Than Apple, Amazon Says Ark Investments CEOCoinTelegraphBitcoin has officially entered the mainstream. The most recent edition of Charlie Rose, the PBS interview show that has endured since 1993, features Cathie Wood, C…


CoinTelegraph

Bitcoin Bigger Idea Than Apple, Amazon Says Ark Investments CEO
CoinTelegraph
Bitcoin has officially entered the mainstream. The most recent edition of Charlie Rose, the PBS interview show that has endured since 1993, features Cathie Wood, CEO and CIO of Ark Investment Management, along with reporters from the Wall Street ...

Ethereum Price Weekly Analysis – ETH/USD Not out of Woods

Key Highlights ETH price is holding a monster support area near $280.00 against the US Dollar. There is a short-term bearish trend line forming with resistance at $301 on the 4-hours chart of ETH/USD (data feed via SimpleFX). The pair has to break the …

Key Highlights ETH price is holding a monster support area near $280.00 against the US Dollar. There is a short-term bearish trend line forming with resistance at $301 on the 4-hours chart of ETH/USD (data feed via SimpleFX). The pair has to break the $301 resistance the 100 simple moving average (H4) to gain momentum. … Continue reading Ethereum Price Weekly Analysis – ETH/USD Not out of Woods

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COMMERCEBLOCK Digitalizing and DeRisking Global Trade

The global trade gap is narrowing but with little help from fintech, according to the Asian Development Bank’s (ADB) annual survey. Surprisingly, only 20 percent of firms report using digital trade financing platforms. The majority of commerce still re…

The global trade gap is narrowing but with little help from fintech, according to the Asian Development Bank’s (ADB) annual survey. Surprisingly, only 20 percent of firms report using digital trade financing platforms. The majority of commerce still relies on traditional financial products and services which route and manage global trade flows from centrally managed … Continue reading COMMERCEBLOCK Digitalizing and DeRisking Global Trade

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Bitcoin Price Weekly Analysis – BTC/USD Buyers In Control

Key Points Bitcoin price spiked this past week and moved above the $6000 handle against the US Dollar. There is a monster bullish trend line forming with support at $5510 on the 4-hours chart of BTC/USD (data feed from SimpleFX). The pair is currently …

Key Points Bitcoin price spiked this past week and moved above the $6000 handle against the US Dollar. There is a monster bullish trend line forming with support at $5510 on the 4-hours chart of BTC/USD (data feed from SimpleFX). The pair is currently correcting lower and approaching towards the $5750 support area. Bitcoin price … Continue reading Bitcoin Price Weekly Analysis – BTC/USD Buyers In Control

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Former Yunbi COO Shares His Outlook for Bitcoin Markets After China’s Crackdown

Former Yunbi COO Shares Outlook for Bitcoin Markets After China's CrackdownLao Mao, the former chief of operations for the Chinese cryptocurrency exchange Yunbi, has posted a statement outlining his outlook for bitcoin’s future both in China and globally moving forward from China’s crackdown. Also Read: Chinese Miners Sell Hardware Amidst Regulatory Uncertainties Lao Mao States That China’s Recent Regulatory Maelstrom Will “Only Leave a Small Mark” […]

The post Former Yunbi COO Shares His Outlook for Bitcoin Markets After China’s Crackdown appeared first on Bitcoin News.

Former Yunbi COO Shares Outlook for Bitcoin Markets After China's Crackdown

Lao Mao, the former chief of operations for the Chinese cryptocurrency exchange Yunbi, has posted a statement outlining his outlook for bitcoin’s future both in China and globally moving forward from China’s crackdown.

Also Read: Chinese Miners Sell Hardware Amidst Regulatory Uncertainties

Lao Mao States That China’s Recent Regulatory Maelstrom Will “Only Leave a Small Mark” on the Cryptocurrency Markets

Former Yunbi COO Shares Outlook for Cryptocurrency Markets After China's Crackdown

The former COO for Yunbi expressed his belief that the blockchain and cryptocurrencies industries will continue to exhibit growth in spite of a reduced Chinese market presence. Lao Mao states that blockchain and cryptocurrency “world will continue to move forward” despite “China’s regulatory storm.”

Lao Mao expects that China’s regulators will maintain the crackdown on cryptocurrency exchanges for at least six months, stating that such will allow for regulators to make policy assessments. Lao Mao states that “regulatory authorities themselves also need a time window to observe the reactions. Therefore it’s impossible to see any public trading platform that offers CNY trade pairs within the next six months.”

Lao Mao states that the reduced influence that Chinese political and regulatory forces now exert over the bitcoin markets is positive news for the cryptocurrency ecosystem overall. Lao Mao describes his reaction to the crackdown as being a sigh of relief, stating “[in] that moment, I realized, from then, the price of bitcoin will no longer be affected by Chinese factors, whether it is China’s speculators of regulatory uncertainty, will no longer exist. For bitcoin, this may be a good thing.”

Lao Mao Believes That OTC Trading Will Become the Primary Means Through Which Bitcoins Are Circulated in China

Former Yunbi COO Shares Outlook for Cryptocurrency Markets After China's Crackdown

Lao Mao anticipates that the price of bitcoin will continue to go up due to growing international demand, and advocates that Chinese citizens in possession of bitcoin continue to hold on to their tokens. Of the altcoin markets, Lao Mao warns that investors may be more prone to capital flight, as “hot money” will likely quickly move in and out of particular altcoin markets in search of short-term profits.

Lao Mao lamentingly expresses his expectation that Chinese ICO ban will deter innovation in the blockchain and cryptocurrency industries, forecasting that “many small blockchain startups will die due to lack of funding.” Lao Mao describes the ICOs as having provided “the only [opportunity] ordinary people ha[d]… to participate in the high-tech field”, stating that the crackdown has seen regulators “finally close the door to the public.”

Ultimately, Lao Mao concludes that “the global blockchain industry… will not be affected” by China’s crackdown long term. The former COO points to the newfound dominance of the Japanese bitcoin market, stating that “Japan has become the friendly” jurisdiction to cryptocurrency innovation worldwide. Lao Mao also points to the legislative frameworks being developed by South Korea, Australia, Britain, Germany, Holland, and Nordic nations as evidence of an international shift toward inclusive economic policies regarding bitcoin and cryptocurrency on part of many national governments.

Do you agree with Lao Mao’s outlook for the bitcoin markets in China and internationally? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Yunbi


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Bitcoin Cash Price Weekly Analysis – BCH/USD Upsides Capped

Key Points Bitcoin cash price is holding a major support area above $300 against the US Dollar. There is a crucial bearish trend line forming with resistance at $365 on the 4-hours chart of BCH/USD (data feed from Kraken). The pair has to clear the $36…

Key Points Bitcoin cash price is holding a major support area above $300 against the US Dollar. There is a crucial bearish trend line forming with resistance at $365 on the 4-hours chart of BCH/USD (data feed from Kraken). The pair has to clear the $365-370 resistance zone to gain upside momentum in the near … Continue reading Bitcoin Cash Price Weekly Analysis – BCH/USD Upsides Capped

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WAX: Using Blockchain To Empower Decentralized Exchanges Of Virtual Goods

The worldwide video gaming market has grown to the extent that computer gaming is being touted as a potential future Olympic sport. In this context, an entire sub-industry has grown around trading and creating gaming assets that can be used by video ga…

The worldwide video gaming market has grown to the extent that computer gaming is being touted as a potential future Olympic sport. In this context, an entire sub-industry has grown around trading and creating gaming assets that can be used by video gamers to enhance their playing experience. Gone are the days when the ecosystem … Continue reading WAX: Using Blockchain To Empower Decentralized Exchanges Of Virtual Goods

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Could Bitcoin’s Bubble Lead to Long Crypto Winter? – CoinTelegraph


CoinTelegraph

Could Bitcoin’s Bubble Lead to Long Crypto Winter?
CoinTelegraph
A year after the block reward halving, with media buzzing about Bitcoin, and a multifold increase in price – this is not just a description of 2017 but also perfectly fits 2013. After the block reward halving in 2012, the price of Bitcoin shot up
Using Bitcoin to buy a sandwich could trigger a tax billCNBC
Bitcoin’s Market Cap Is Now More Than $100 BillionForbes

all 5 news articles »


CoinTelegraph

Could Bitcoin's Bubble Lead to Long Crypto Winter?
CoinTelegraph
A year after the block reward halving, with media buzzing about Bitcoin, and a multifold increase in price - this is not just a description of 2017 but also perfectly fits 2013. After the block reward halving in 2012, the price of Bitcoin shot up ...
Using Bitcoin to buy a sandwich could trigger a tax billCNBC
Bitcoin's Market Cap Is Now More Than $100 BillionForbes

all 5 news articles »

Could Bitcoin’s Bubble Lead to Long Crypto Winter?

In the mad mania for cryptocurrencies, there are some dissenting voices from old timers, calling this irrational exuberance. Could a crypto winter be in the offing?

In the mad mania for cryptocurrencies, there are some dissenting voices from old timers, calling this irrational exuberance. Could a crypto winter be in the offing?

With Bitcoin’s Price Above $6000 USD, Satoshi Nakamoto Should Be on Forbes’ Rich List – Bitcoin News (press release)


Bitcoin News (press release)

With Bitcoin’s Price Above $6000 USD, Satoshi Nakamoto Should Be on Forbes’ Rich List
Bitcoin News (press release)
Bitcoin’s recent spike above $6000 USD has elevated the estimated value of Satoshi Nakamoto’s holdings to more than $6 billion USD, qualifying the anonymous creator of bitcoin for Forbes’ list of richest individuals. At current bitcoin prices, Satoshi …

and more »


Bitcoin News (press release)

With Bitcoin's Price Above $6000 USD, Satoshi Nakamoto Should Be on Forbes' Rich List
Bitcoin News (press release)
Bitcoin's recent spike above $6000 USD has elevated the estimated value of Satoshi Nakamoto's holdings to more than $6 billion USD, qualifying the anonymous creator of bitcoin for Forbes' list of richest individuals. At current bitcoin prices, Satoshi ...

and more »

What Lessons Can Be Learnt From Tezos ICO Debacle

It looks like the SEC will demand Tezos refund investors’ money…all $232 mln of it. Why Tezos is a blueprint in all that is wrong with ICOs.

It looks like the SEC will demand Tezos refund investors’ money…all $232 mln of it. Why Tezos is a blueprint in all that is wrong with ICOs.

An Interview With Angelo Melis, Founder of Local World Forwarders (LWF) Project

The applications of blockchain technology across industries is increasing every day. Among these, the supply chain and logistics sector is one among them. Recognizing the need for a complete overhaul of the industry, many players are working on various…

The applications of blockchain technology across industries is increasing every day. Among these, the supply chain and logistics sector is one among them. Recognizing the need for a complete overhaul of the industry, many players are working on various applications of blockchain to improve the needs and efficiencies of the sector.  Among them, LWF is … Continue reading An Interview With Angelo Melis, Founder of Local World Forwarders (LWF) Project

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