Things haven’t been looking all that great for most cryptocurrencies over the past 24 hours. With the Bitcoin price having already made a major leap, nearly all altcoins are in the red or at their break-even points. While Ethereum, NEM, and Dash are the lone exceptions, most people will nonetheless keep a close eye on the Bitcoin price chart. There is some resistance across exchanges, however, as the US$4,550 price point will be contested for quite some time to come.
Bitcoin Price Struggles for Control at $4,550
It has to be said that yesterday’s Bitcoin price jump took a lot of people by surprise. Although it was only a matter of time until Bitcoin would see a big move upward, no one expected such a sharp rise all of a sudden. Despite the price change reflecting only 3.22%, yesterday was the first time the cryptocurrency successfully broke US$4,600, although the momentum didn’t last for long. Every new all-time high for Bitcoin will be met with a lot of selling pressure across all exchanges, by the looks of things.
That being said, the main question is whether or not the Bitcoin price can maintain its current momentum. After being pushed down from US$4,600 once again, there have been a few big sell-offs in quick succession. The dips are being bought up quickly and it seems order will be restored sooner rather than later. Right now, the price on Coinmarketcap hovers around US$4,531, whereas most exchanges are trading at just above US$4.545. It wouldn’t be unlikely to see another major BTC price bump later today.
Interestingly enough, the leading exchange by 24-hour trading volume is Bitfinex. It has been a while since this particular exchange held such a prominent position in the Bitcoin market, even though the company has always been pretty solid in this regard. It’s good to see fiat currency trading markets sitting at the top of the rankings, as converting altcoins to Bitcoin and vice versa doesn’t bring more “value” to the overall cryptocurrency ecosystem.
Sitting at number two, OKCoin is also showing a growing appetite for Bitcoin right now. Third place goes to Bittrex, although it appears some market manipulators are trying to pump – and/or dump – the NEO price once again. That particular altcoin market has seen a fair few ups and downs over the past few weeks, and it seems that situation will not change anytime soon. Right now, the NEO market is turning very bearish, indicating a lot of initial investors are converting their holdings back to Bitcoin after the recent price increase.
As is often the case, there is no real reason for this Bitcoin price increase. No major news has been announced whatsoever. It appears a lot of people are using technical analysis to project the future Bitcoin price. As long as enough people follow other users’ guidelines, those movements will occur given enough time and money. Speculation is running wild as far as the Bitcoin price is concerned; that much is evident. No one knows if we’ll see more upward momentum or a massive correction down to US$4,000 or lower.
All things considered, the Bitcoin price momentum is still present, although it’s becoming more difficult to make any major changes. The US$4,500-4,750 price points will be contested for quite some time to come, as both levels present major hurdles for Bitcoin to overcome. With so many people speculating on the potential outcome of said momentum, things aren’t clear-cut by any stretch of the imagination.