Today will prove to be another difficult day for all cryptocurrency markets. The bearish pressure is not relenting by any means, as market makers are intent on keeping the prices down for some time to come. With the Bitcoin price now dropping below $8,200, it seems to be a matter of time until the value dips below $8,000 once again. That would certainly trigger an even bigger sell-off in the altcoin department.
Bitcoin Price Trend Becomes Worrisome
It has been documented over the past few months how the Bitcoin price is seemingly incapable of catching a break. No solid positive momentum has been achieved at this stage, and it seems things will not necessarily improve in the near future either. The past three months have seen some attempts at recovering losses, but ultimately seem to result in lower lows for the Bitcoin price.
More specifically, three months ago, the Bitcoin price was hovering near the $12,0000 mark. Ever since that time, it has dipped below $11,000, then $10,000, and even hit $7,200 a few weeks later. While that is still the proverbial bottom as of right now, it remains to be determined if any positive momentum can be generated before the year 2018 comes to a close. The current trend doesn’t look all that promising so far, but things are always subject to change in the world of cryptocurrency.
Over the past 24 hours, the Bitcoin price has lost another 1.95% of its value. This decline pushes the price per BTC below $8,200, and will seemingly result in a price dip below $8,000 by the time the weekend has come to a close. It remains unclear what is causing all of this negative Bitcoin price pressure this year, but it seems evident things will not improve anytime soon.
Even the Bitcoin trading volume is on the decline as of late, which is anything but promising. More specifically, the trading volume has dropped to $8.894bn, which is $2bn below what one would expect to see these days. This seems to indicate the overall demand for the world’s leading cryptocurrency is on the decline, which doesn’t bode well for Bitcoin and any other cryptocurrency on the market these days.
OKEx is still leading the charge in terms of Bitcoin trading volume, which is a bit surprising. Its USDT pair remains extremely popular and is well ahead of Bitfinex’s USD pair and the USDT market on Binance. All three platforms generate over $215m in 24-hour volume, which is rather interesting to keep an eye on. With Huobi and OKEx’s TRUE pair in the five as well, there is only one fiat currency market to speak of. That can prove to be problematic for the Bitcoin price moving forward.
Whether or not the Bitcoin price can recover from this latest setback, remains to be determined. Anything is possible in the world of cryptocurrency these days, even though the current trend looks anything but promising. Then again, the weekend is usually very different from the rest of the week when it comes to cryptocurrency trading, and this weekend may prove to be somewhat interesting in this regard.