Weekends are usually a bit of an awkward period for cryptocurrency trading. This weekend is no different, as all top cryptocurrencies are down for no apparent reason. It seems the Bitcoin price got rejected heavily at $10,000, although this will not be the last attempt to surpass that level.
The Bitcoin Price run Isn’t Over
It has been a remarkable week for the Bitcoin price, albeit one that won’t end on a high. After a powerful trend which saw the value recover from a dip to just below $9,000, the week-high was just shy of $10,000. A psychological barrier for traders and speculators which will prove difficult to overcome.
As one would have expected, the Bitcoin price did not hit that illustrious five-digit figure. Earlier today, it seemed the uptrend was still in effect, but the momentum has turned against the world’s leading cryptocurrency for some unknown reason. A $400 setback isn’t new in the cryptocurrency world, but it will take a few people by surprise regardless.
As such, the Bitcoin price has lost nearly 4% in value over the past 24 hours. Compared to the onslaught users witnesses during Q1 of 2018, the current Bitcoin price is in a very good place. It seems likely the uptrend will be resumed at some point next week, yet that is no guarantee for surpassing $10,000 this time around.
The Bitcoin trading volume remains rather high, which is always positive to see. Albeit the overall crypto volume has dropped by several billion in the past 24 hours, Bitcoin still generates $7.455bn without any issue. This is also part of the reason why BTC is Bitcoin and not Bitcoin Cash, as the demand for the world’s leading cryptocurrency is simply too great. The market decides which currency is Bitcoin, and its overwhelming support leaves no room for debate.
The way things stand right now, OKEx is the biggest Bitcoin trading platform. In fact, the exchange has six pairs in the top 11, albeit none of them are related to fiat currencies. Bitfinex is in second place, followed by Binance. With just two fiat currency pairs in the top five, it’s not hard to see why the Bitcoin price has taken a step back.
For now, one has to wait and see what the future will bring for the Bitcoin price. It seems obvious the uptrend hasn’t been broken just yet, and the resistance at $10,000 was to be expected. The current Bitcoin price is near the same value as it was in early December of 2017. Everyone knows how that run ended, although history might not repeat itself so quickly.