While many people had hoped to see all cryptocurrency markets recover by now, it is simply not in the cards. All major currencies are down yet again, and it seems this new run may prove to be an extremely wild one. With the Bitcoin price almost dropping below $7,500 once again, this may very well become a very ugly end of the week for most speculators.
The year 2018 is quickly becoming rather abysmal when looking at the short-term perspective. Anyone who bought Bitcoin at its peak in 2017 will be quite concerned with how things are going. It is evident the Bitcoin price trend is not going the way people would like it to, even though the Bitcoin Dominance Index is still rising as we speak.
More specifically, the Bitcoin price has dropped from $18,000 in January all the way to $7,510 as of right now. This is a major retrace, although it is not the first time this happens in the world of cryptocurrency. Rest assured we will see more of these highs and lows in the future, but there is no reason to think the highs will materialize anytime soon. In fact, if this trend keeps up, one has to start wondering if we can remain above $5,000 by the time the Summer comes around.
The way things look right now, it has become evident the Bitcoin price is not looking all that great. With another 7.1% decline over the past 24 hours, the market manipulation is still in full effect. When people start looking outside of the cryptocurrency world, it has become evident all financial markets suffer from similar negative trends as of right now. Improving upon this situation will not be easy, as it seems 2018 will be a very bearish year in general.
While Bitcoin still has over $5.08bn in 24-hour volume, it is clear the number of sellers is a lot bigger compared to the amount of people looking to buy Bitcoin. With this price manipulation still in full effect, the volume may rise, but that doesn’t necessarily mean the Bitcoin price will see a healthy nudge. Instead, it seems staying above $7,500 will be pretty difficult despite the overall demand to buy and sell Bitcoin.
As is almost always the case, Bitfinex is still the largest exchanges ranked by Bitcoin trading volume. OKEx and Binance complete the top three, which is pretty good. We do see just 5 fiat currency pairs – and three USDT pairs – in the top three by volume, as a fair few altcoins are creeping into the top 10 as of right now. An interesting situation, although it remains to be seen how these rankings evolve in the coming hours and days.
For the time being, it will be interesting to see what the future holds for the Bitcoin price. As of right now, a dip below $7,500 almost seems inevitable, but stranger things have happened in this cryptocurrency industry. Whether or not the Bitcoin price can effectively gain any specific momentum in the coming days, remains to be seen. Right now, it seems evident there is too much bearish pressure to note any short-term gains.
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