It appears as if all cryptocurrencies are struggling once again. With the Bitcoin price still suffering from bearish momentum, altcoins are starting to lose their recently regained value once again. Right now, the Bitcoin price hovers around the $5,625 mark, which is a lot lower compared to what people would have expected by now. Whether or not things will recover in the near future, remains to be determined, though. Boring Bitcoin Price Momentum Continues The past few days have been somewhat difficult for the Bitcoin price, to say the very least. After hitting the new all-time high of nearly $6,200,
It appears as if all cryptocurrencies are struggling once again. With the Bitcoin price still suffering from bearish momentum, altcoins are starting to lose their recently regained value once again. Right now, the Bitcoin price hovers around the $5,625 mark, which is a lot lower compared to what people would have expected by now. Whether or not things will recover in the near future, remains to be determined, though.
Boring Bitcoin Price Momentum Continues
The past few days have been somewhat difficult for the Bitcoin price, to say the very least. After hitting the new all-time high of nearly $6,200, things have started to go downhill for Bitcoin once again. More specifically, the market has struggled to remain above the $5,800 mark but it fighting a losing battle right now. Breaking this trend will not be easy whatsoever either, as the current momentum clearly isn’t in favor of Bitcoin right now.
To put this into perspective, the Bitcoin price started out on October 18th at a value of $5,277. Compared to that price, we are still up by nearly $400 one week later. However, considering how we have seen several attempts to break the $6,000 resistance successfully, a sharp retrace is not what most people want to see right now. Then again, corrections are often a healthy sign for future gains.
Compared to the recent Bitcoin price all-time high, the value has dropped by nearly $600 over the past few days. That is pretty worrisome for a lot of people, even though it isn’t something to get really concerned about. A lot of people bought BTC to be part of the Bitcoin Gold airdrop, yet those coins will not be issued for quite some time to come. Moreover, it seems a lot of investors are moving their obtained BTC back into tokens or other assets, even though all markets are struggling right now.
Surprisingly enough, the Bitcoin trading volume hasn’t dropped by much over the past few days. More specifically, there is still over $2.17bn in 24-hour volume, which is more than respectable. It is unclear if this means whether or not we will see the Bitcoin price recover in the next few weeks. After all, it is a matter of time until the Bitcoin price moves back to $6,000 but it doesn’t appear to be happening anytime soon, given the current momentum.
The exchange rankings by trading volume remain virtually the same every day as well. More specifically, Bitfinex is destroying Bithumb and bitFlyer in terms of trading volume. One thing worth taking into account is how bitFlyer is only $5.6m behind Bithumb right now. This could indicate bitFlyer will effectively overtake Bithumb in terms of volume pretty soon. If that trend can be solidified and become the new normal, things will get a lot more interesting, to say the very least.
For now, we have to contend with the bearish Bitcoin price momentum firmly locked in place. Bear cycles are designed to be broken at some point in the future, though. What appeared to be a solid $900 price gun turned into a $400 price gain, which is still pretty decent overall. It will be interesting to see what the future holds for Bitcoin in the coming days and weeks.