Bitcoin Price Momentum Suddenly Turns Bearish

The past 24 hours have brought some more ups and downs for the Bitcoin price. That in itself is hardly surprising, as all cryptocurrency markets are going through a volatile patch once again. Right now, the Bitcoin price is hovering near the US$4,260 mark, which confirms that passing the US$4,300 level for an extended period of time will remain rather difficult in the near term. The trading volume is also declining rapidly, which is somewhat worrisome.

Bitcoin Price Momentum Keeps Fluctuating

Over the past 24 hours, we have seen a few different Bitcoin price valuations, although none of them have been maintained for significant periods of time. On multiple occasions did we see the Bitcoin price surpass the US$4,300 mark, only to be pushed down to US$4,250 shortly afterward. It is evident someone is either manipulating this market to no end or there are forces at work which don’t want the price to surpass US$4,300 again anytime soon.

Manipulation is the more likely answer in this regard, as the same ranges have been tested on multiple occasions by now. The low seems to be in the US$4,260 area, whereas the high point is US$4,350 or slightly below. If people can “flip” coins in this range multiple times on the same day, they stand to make a good amount of profit as a result. However, to make such manipulation happen, one would expect the Bitcoin trading volume to have picked up, and that has not happened by any means.

If anything, it seems the Bitcoin trading volume is only going down from here on out. While yesterday saw almost US$1.5 billion in 24-hour volume, that number has since dropped all the way to US$1.08 billion. That’s not a positive sign by any means, as this indicates fewer people are exchanging altcoins for Bitcoin and vice versa. It is unclear why this is happening right now, though, as there is no real reason for this momentum or lack thereof.

Even the Bitfinex exchange shows less 24-hour trading volume than we have gotten used to recently. Whereas the platform used to present around US$150 million in volume every single day, that number has now dropped to just under US$94 million. It’s not a big scare by any means, but it shows Bitcoin is struggling a bit in every part of the world right now. BitFlyer and Bithumb are the other top exchanges ranked by trading volume. Both of those Asian platforms also see slightly less trading volume, even though they value the Bitcoin price slightly higher than Bitfinex does.

What is extremely remarkable is how there is only one altcoin/Bitcoin market in the entire top 10 right now. Said market is HitBTC’s BCH/BTC trading pair, which is more popular than fiat currency trading on GDAX, WEX, Kraken, and Gemini. It is very unusual to see this lack of altcoin trading in correlation to Bitcoin. It’s a telling sign, although it remains to be seen what this is trying to tell us. Whether or not this is a calm before a storm or a sign of a bearish market is impossible to tell.

Not every day can be filled with major Bitcoin price gains; that much is obvious. However, this sudden lack of interest is rather unusual, although not unique by any means. A lot of “experts” are wondering how the SegWit2x hard fork will impact the Bitcoin price. That remains a big question for the time being, and it could be a contributing factor to this lackluster Bitcoin trading activity right now.

  • John Dunne

    All of a sudden bearish? Nope, it’s an expected and healthy correction. We’ll have passed the current ATH before the end of the month.

    • He just wrote an article saying it is bullish. LOL!

  • Global Services Ltda

    It´s the Chinese!
    No.
    It’s the Russians!
    How about it looks like any other stock being manipulated by a MM or large brokerage house?
    When the brokers have control they move the stock in this manner to wipe out the stops.
    Margin traders also cause volatility as when the stock nears the call price, the position has to be closed.
    Corrections should be considered, BUY.

    • AMEN! It is about time we come to realize that the manipulation or whatever the heck it is has been going on on stock exchanges since forever.

  • RukiaBlackBlazer

    New to the Bitcoin world just learning what i can in the last 2days.
    I think the question here is has anything changed to make the need for bitcoins obsolete..? No.
    I think not. So just wait it out, keep you’ll eyes on ease of access to ditgicoins,
    Are businesses aligning with ditgicions or regular money..? Are they willing to take these Ditgicoins?
    I think that’s how the powerful can control the popularity of ditgicoins. And how the powerless can stop them also… But what do i know, am less than 12hours into this topic in the last 2 days.
    Am OPEN FOR CORRECTION. I KNOW, THAT I KNOW NOTHING BUT THE CONCEPT OF BITCOINS. Which i support.

  • jayh

    If by “bearish” you mean a simple correction because it’s slightly overbought, then yeah… People aren’t buying right now, because the correction hasn’t finished.

  • Robster

    The pro-Bitcoin camp’s arguments continue to dumbfound me… “BTC is superior to fiat currency.”, “BTC is currency of the future.”, “BTC enables a true free-market economy.” And then their mundane point, “Yeah, Bitcoin gets manipulated, but so does the stock market and fiat currencies.” Huh?

    – pro-Blockchain technology camper

    • Vince Verrette

      bitcoin gets manipulated because there isnt enough volume yet. for instance some exchange have volumes around or lower than 100btc. anyone who owns like 50btc can come in set a huge sell wall way over price and push the bids up to it with a buy wall, or drive bids up than wipe and do over, that doesnt happen on currency exchange, not because it cant be done, but because nobody owns THAT much money. when/if btc becomes mainstream, selling a big amount of btc wont make as much of an impact %wise on the price. in due time, in due time!

      • Robster

        Your point is well taken. However, unless my math is way off, i see no future optimistic improvement. With less than 5M bitcoins (23%) left to ever be mined (over the next 122 years), and given Bitcoiners’ promise of stratospheric BTC valuations, I can’t see how the current mega-holders will ever lose their ability to bully the system, no matter how mainstream Bitcoin becomes. Like you stated, but with a key modification, I believe “…nobody [new will be able to ] own THAT much money [ to keep manipulation in check. ]”