It has been another very wild ride for the Bitcoin price over the past 24 hours. With even more losses on the charts globally, it is evident Bitcoin is in a traditional bear market right now. The year 2018 has been incredibly difficult for Bitcoin users altogether, as things have only gone from bad to worse. Rest assured the Bitcoin price trend will reverse at some point, though, as this market will not be kept down indefinitely.
Bitcoin Price Tries to Bounce Back
A lot of people assumed the Bitcoin price floor was somewhere close to $11,000. A few weeks ago, that seemed like a plausible outcome, but things have a habit of working themselves out in a different manner in the cryptocurrency world. More specifically, Bitcoin has dipped a slow as $6,000 in the past 24 hours, indicating the downtrend is far from over. As we usually see in this market, there is a slight bounce forming on the charts as of right now.
More specifically, the Bitcoin price attempts to mount a comeback to $6,600 as we speak While this sudden 10% jump is positive, most people will already know this momentum probably will not last for long. We have seen several of these small reversals in the past week or so, yet none of them could be sustained for more than an hour or two. It is unclear if this current Bitcoin price bounce will be different, although there is no indication that will effectively be the case.
With a 15.74% Bitcoin price net loss on the charts right now, it has become evident buying Bitcoin is the same as catching a falling knife. It is much easier said than done, and something people should not even attempt whatsoever. At the same time, this is perhaps the lowest Bitcoin price we will see in quite some time, even though people said that at $12,000. $12,000, and $8,500 as well. This bleeding will have to stop at some point, though, but no one knows for sure when that will be the case.
With $11.874bn in 24-hour trading volume, it is safe to say the demand to both buy and sell Bitcoin is still present. The sell orders vastly outweigh any buy attempts, though, but that is only to be expected when we enter such a bearish market. Rest assured there will be plenty of people looking to buy into Bitcoin at this time, even though others will hope to catch an even cheaper price in the next few days. Whether or not that opportunity will arise is a different matter altogether.
Unsurprisingly, OKEx is still the largest exchange ranked by Bitcoin trading volume. While they are only marginally ahead of Bitfinex, both platforms generated over $1.2bn in trades respectively. Binance is a surprising third entrant on the list, although it’s not shocking to see another USDT pair rank so high. With GDAX not too far behind, it will be interesting to see how things evolve in the coming hours. It is evident the fiat currency-denominated markets are still leading the charge right now, although we do see four USDT pairs in the top 14 as well. An interesting trend well worth keeping an eye on.
For the time being, this temporary bounce is positive for the Bitcoin price as a whole. The big question is whether or not this is a new level of support being built or just a dead cat bounce. Some people think the Bitcoin price will go back to $1,000 before too long, but it remains highly doubtful that will be the case. Then again, people doubted the price would hit $7,500 or lower in early 2018, and they were all proven wrong as well. The Bitcoin price will always remain unpredictable first and foremost.
