The tide is turning as far as the Bitcoin price is concerned. After a few days of sideways and slightly bearish trading action, things are finally looking up once again. Thanks to a 5.53% gain over the past 24 hours, the Bitcoin price is well above US$5,800 again. Reaching that US$6,000 target or potentially surpassing it will not be easy, but it looks very plausible right now.
Positive Bitcoin Price Action is Taking Place
There haven’t been too many reasons to get excited about the Bitcoin price in the past two days. More specifically, the previous attempt to push the Bitcoin price back to US$6,000 was thwarted successfully. In fact, we even saw the Bitcoin price dip well under US$5,600 about 24 hours ago. This was not how most people had envisioned the Bitcoin price would evolve this week, but it seems things are finally back on track.
To be more specific, there has been some solid upward momentum in place since late last night in Europe. Despite a rather low trading volume at that time, the Bitcoin price successfully retook its position at the US$5,600 level. This rebound was well overdue, as there was absolutely no reason for the Bitcoin price to remain below US$5,800 for more than a day.
Thanks to a solid 5.53% price increase, Bitcoin is now well above the $5,800 level. Although it is still too early to predict we’ll see a new all-time high set before the week is over, reaching US$6,000 again is a possibility. There is still plenty of work to be done before this can actually happen, though. All signs are clearly in favor of Bitcoin for the time being. Then again, cryptocurrency is a very volatile space.
One thing Bitcoin needs right now is a slightly higher trading volume. For some reason, this volume has dropped below the US$2 billion mark once again. While it is only normal to see a few dips along the way, now is not the time to lose the momentum. If this number were to climb back above US$2 billion in the coming hours, we may have some more bullish price action on our hands. If not, this may very well be the peak for today.
There is only one thing worth mentioning regarding the current list of Bitcoin exchanges ranked by trading volume: bitFlyer has overtaken Bithumb in the #2 position. There is only a US$5 million gap in between the two, but it is evident something is happening in Japan that most people aren’t aware of right now. Only time will tell why the demand for Bitcoin is spiking over there, even though it only appears to be affecting bitFlyer for the time being.
All things considered, the current Bitcoin price trend looks rather positive considering that the weekend is almost upon us. Last weekend created some interesting price action, although some losses were suffered in the end. It will be interesting to see if the coming weekend yields any significant changes in the Bitcoin price. Things look very positive right now, but there is no indication this trend couldn’t be broken in a matter of minutes.