Today could prove to be a rather interesting day for the Bitcoin price once again. After successfully breaching the US$4,000 resistance yesterday, the price didn’t succeed in maintaining its momentum. Right now, the Bitcoin price is making a second attempt to remain above US$4,000 as we speak. The big question is whether or not this effort will be successful for more than a few hours.
It is evident a lot of people are keeping a close eye on the Bitcoin price chart right now. After the recent major price correction fueled by the China news, a lot of people expected Bitcoin to keep going down in value. Ever since the bounce started becoming more apparent on the charts, the uptrend has seemingly resumed. One of the first big hurdles to clear is the resistance at the $4,000 level, which is seemingly growing stronger every hour.
More specifically, the Bitcoin price easily surpassed US$4,000 just last night. At one point, it appeared reaching US$4,250 would be possible, but things never got to that level. For some reason, a lot of traders decided to sell Bitcoin again overnight, effectively wiping out all gains above the US$4,000 level. Profit-taking is only natural in the world of finance and trading, but it seems like a short-sighted decision in this regard.
With the Bitcoin price bouncing back down to US$3,870 this morning, no one was entirely sure what the rest of the day would bring. So far, it seems the pattern we saw established yesterday is preparing to repeat itself. If that is the case, we will see a few small breaks above US$4,0000 interspersed with a few dips toward US$3,950 before eventually reaching US$4,085 or higher. Assuming things play out in this manner once again, the big question becomes whether or not this value can be maintained.
With over US$1.74 billion in 24-hour trading volume, there is no lack of interest where Bitcoin is concerned. Do keep in mind this number doesn’t include platforms such as LocalBitcoins, which often contribute a large amount of volume as well. Nothing has changed in the power rankings by volume over the past day, although bitFlyer continues to impress a lot of people with its US$93 million worth of volume.
Bitfinex is still dominating the charts, which almost begs the question of where its volume keeps coming from. OKCoin has finally dropped out of the top 5, as have Huobi and any other Chinese exchange showing any interest in Bitcoin. Bithumb is now number three, although it is closely followed by Bitstamp in terms of volume. Bithumb is trading Bitcoin at US$85 below the global market average, which is a pretty intriguing development. Whether or not this situation will resolve itself is unknown at this point.
As of right now, it doesn’t appear the Bitcoin price will remain above US$4,000 for long. There has been a lot of pushback from people dumping dozens of bitcoins at once to create some negative pressure. Whether someone is actively accumulating or not will remain a mystery for quite some time to come. It is good to see some positive momentum for BTC again, though. Breaking out to a new all-time high will not happen today; that much is almost guaranteed.
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