It seems today will be another rough day for all cryptocurrency markets. These developments have been in place for quite some time now and it seems the negative spiral continues to repeat itself quite regularly. As of right now, the Bitcoin price is heading to $8,000 and potentially lower once again, which will only make things worse.
Anyone who has been around in the world of cryptocurrency for quite some time now will know how the Bitcoin price dictates all markets. Although not everyone wants to acknowledge this fact, it is the undeniable truth, after all.When the Bitcoin price surges, things improve for all other currencies. When the Bitcoin price goes down, nothing good ever happens to altcoins.
To put this into perspective, Bitcoin isn’t returning to its previous all-time high anytime soon. In fact, we may not even see a Bitcoin price of $15,000 or more for quite some time to come. Assuming that is the case, things will only go from bad to worse for the Bitcoin price in the coming weeks and months. Right now, we have to be concerned about how Bitcoin may effectively hit $8,000 once again, which is a further confirmation of this ongoing downturn.
With a current Bitcoin price of $8,160 and the market becoming more bearish by the hour, it is evident we have to be rather cautious when buying BTC as of right now. Anyone who is hoping for a price increase may be sorely disappointed, even though we all know this negative pressure will not remain in place forever.
Albeit Bitcoin still has $4.9bn in 24-hour trading volume, it is a lot lower compared to the $10+bn we used to see several weeks ago. Reversing this trend may prove to be rather difficult, as it seems unlikely we can hit a Bitcoin price of $10,000 anytime soon. Then again, the volatility present in the world of cryptocurrencies swings both ways, and gains can materialize equally as quickly.
With Bitfinex still leading the charge in terms of BTC trading volume, it is evident there is still some positive momentum in the tank. Binance and OKEx complete the top three, and we see a total of 6 different fiat currency pairs in the top ten. There are also three USDT pairs, all of which seems to indicate there is plenty of money pouring into Bitcoin. Either that or it is flowing out an accelerated pace.
Whether or not the Bitcoin price will dip below $8,000 is difficult to predict right now. It is evident the momentum doesn’t favor the world’s leading cryptocurrency or any other currency, for that matter. If this trend keeps up, $7,500 will have to become the new support, assuming people don’t pull their buy orders to put them even lower. A very troublesome time for the Bitcoin price, but like all previous dips, it will be overcome eventually.
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