The negative momentum in the cryptocurrency industry is not slowing down by any means. It is evident some people are trying to push the price of all cryptocurrencies down for quite some time to come. As of right now, we are looking at a Bitcoin price which struggles to remain above $7,100. Not necessarily the development people have been looking for.
The Bitcoin Price Struggle Worsens
While it is not entirely surprising to see the Bitcoin price struggle today as well, it has become rather evident there is no real improvement in sight as of right now. While we were still looking at a Bitcoin price of $7,500 last night, things have become a lot more problematic in the past few hours. As of right now, that same Bitcoin is valued at $7,177.
Whether or not the Bitcoin price will continue to drop lower, is very difficult to predict. It seems there is no stable support level as of right now, which may effectively push the Bitcoin price well below $7,000 in the near future. Assuming that is indeed what will happen, the entire cryptocurrency market cap can easily dip below $250bn before the week is over. It is a very worrisome turn of events for new investors, but most of us are used to these wild swings by now.
Over the past 24 hours, we have seen the Bitcoin price drop by another 5.38%. It is still a pretty steep decline, although less bad on the eyes compared to that 11% drop yesterday afternoon. Unfortunately, it seems the Bitcoin price continues to decline by 5% to 10% every single day. Considering how these losses come on the heels of an already declining Bitcoin rice, it is evident things are not looking too great as of right now.
While the Bitcoin trading volume is on the rise as of right now, it is quite interesting to see how the sellers continue to scare off potential buyers as of right now. With $7.43bn in 24-hour volume compared to yesterday’s $5bn, it is evident liquidity is not much of a problem in the world of Bitcoin right now. Unfortunately, it is not liquid for the right reasons as of right now.
With Bitfinex still leading the charge as of right now, the influx of fiat currency into Bitcoin seems almost guaranteed. Binance and OKEx complete the top three with two USDT trading pairs, which is pretty interesting. Whether or not we will see some positive developments in this regard, remains to be determined. Things are just not looking all that great right now, although things may start to look up when the weekend comes around.
For the time being, the Bitcoin price can still head in any direction. It seems more likely we will see another Bitcoin price decline in the near future, which may push its value well below $7,000 in the hours to come. At the same time, the value may rise to $7,500 again over the weekend, although that will not turn it into a new support level automatically.