Bitcoin Price Fights for Control at $5,600 Due to Bearish Sentiment

It appears as if all cryptocurrencies are struggling once again. With the Bitcoin price still experiencing bearish momentum, altcoins are starting to lose their recently regained value as well. Right now, the Bitcoin price is hovering around the US$5,625 mark, which is a lot lower than what people would have expected by now. Whether or not BTC will recover in the near future remains to be determined.

Boring Bitcoin Price Momentum Continues

The past few days have been somewhat difficult for the Bitcoin price, to say the very least. After hitting the new all-time high of nearly US$6,200, things have started to go downhill for Bitcoin once again. More specifically, the market has been fighting a losing battle to remain above the US$5,800 mark. Breaking this trend will not be easy, as the current momentum clearly isn’t in favor of Bitcoin right now.

To put this into perspective, Bitcoin had a value of US$5,277 on October 18th. Compared to that price, we are still up by nearly US$400 one week later. However, considering that we have now seen several attempts at breaking the US$6,000 resistance, a sharp retracement is not what most people wanted to see right now. Then again, corrections are often a healthy sign for future gains.

From the recent Bitcoin price all-time high, its value has dropped by nearly US$600 over the past few days. That is pretty worrisome for a lot of people, even though it isn’t something to get really concerned about. A lot of people bought BTC in order to benefit from the Bitcoin Gold “airdrop”, yet those coins will not be issued for quite some time. Moreover, it seems a lot of traders are moving their bitcoins back into tokens or other assets, even though all markets are struggling right now.

Surprisingly enough, the Bitcoin trading volume hasn’t dropped by much over the past few days. More specifically, there has still been over US$2.17 billion in 24-hour volume, which is more than respectable. It is unclear if this means we will see the Bitcoin price recover in the next few weeks. It is a matter of time before the Bitcoin price returns to US$6,000, but given the current momentum, that doesn’t appear to be happening anytime soon.

The exchange rankings by trading volume remain virtually the same every day. More specifically, Bitfinex is destroying Bithumb and bitFlyer in terms of trading volume. One thing worth taking into account is that bitFlyer is only US$5.6 million behind Bithumb right now. This could indicate that bitFlyer will overtake Bithumb in terms of volume pretty soon. If that trend were to be solidified and become the new normal, things would get very interesting, to say the least.

For now, we have to contend with the bearish Bitcoin price momentum firmly locked in place. Bear cycles are designed to be broken, though. In this case, what appeared to be a solid US$900 price gain turned into a US$400 price gain, which is still fairly decent overall. It will be interesting to see what the future holds for Bitcoin in the coming days and weeks.