Even though most altcoins are stealing the thunder in the cryptocurrency world right now, no one will overlook the Bitcoin price either. The way things look right now, it appears to be a matter of time until the value per BTC surpasses the $10,000 mark. If that trend can effectively materialize and result in stable Bitcoin price support, the remainder of 2018 is wide open for future gains to be recorded.
Can the Bitcoin Price Push Through?
Just three weeks ago, many people expected the Bitcoin price to remain around the $7,000 level for some time to come. After many weeks of bearish pressure, it is only normal some people tend to lose track of the bigger picture altogether. Fast forward to today, and that same Bitcoin is worth just over $9,900. The cryptocurrency industry is incredibly resilient, and most dips will be bought up quickly.
In the case of the Bitcoin price. a massive correction after the crazy run throughout late 2017 was to be expected. Although hitting bottom at $6,400 was lower than some people would have liked, the overall upward momentum is still firmly in place as we speak. While we are still a long way removed from the $19,000 value of last year, it seems returning to this price has become a lot easier. Three months ago, it would require the value to triple, whereas it “only’ needs to double right now.
Thanks to this most recent 2.18% Bitcoin price gain, it seems reaching $10,000 will happen at some point over the weekend. One has to remain a bit wary as well, as reaching that milestone and holding on to it for more than a few hours will be the real Bitcoin price test of May 2018. After all, the $10,000 mark is an excellent time for people to take massive profits and potentially trigger a dip to buy back in lower. It’s a risky ploy, but one that can pay off if things go according to plan.
Similar to the previous days, Bitcoin notes a very strong trading volume over the past 24 hours. With $7.74bn in trades, there is no shortage of people who want to get their hands on some BTC right now. If the buyers remain in firm control, big things are bound to happen in the near future. If the bears take over, however, it will be quite interesting to see how low the Bitcoin price can go.
As of right now, OKEx is dictating the Bitcoin trading volume pace. Although Binance and Bitfinex are not that far behind, it seems USDT trading trumps fiat currencies, for the time being. Even so, all three platforms successfully generate over $230m in trading volume, which further confirms they all play an integral role in the world of Bitcoin trading. Surprisingly, there’s only one fiat currency pair in the entire top 10 right now, although that doesn’t seem to impact the positive momentum all that much.
The million dollar question for this weekend is whether or not the Bitcoin price can successfully reach $10,000 and make it the new support level. While the first part of the question is the easy part, stable price support has always been one of Bitcoin’s biggest weaknesses. It is a volatile currency at all times, and that situation will not change in the near future either.