People who are still keeping a close eye on the Bitcoin price will be pretty pleased with the way things are going right now. Three days in a row of solid growth is pretty unusual in the cryptocurrency world, but things are showing signs of more potential. The prospect of the Bitcoin price surpassing US$4,500 later today remains highly unlikely, but we have surpassed the US$4,300 mark already.
More Positive Bitcoin Price Momentum
It has to be said that most weekends are pretty horrible periods for the Bitcoin price in general. In virtually every case, we will see small to major price declines during the course of the weekend, which are then regained over the coming days. This weekend has proven to be a rather unusual one for a change, as we have another 0.81% daily gain on our hands. This is rather uncommon for a Sunday, although the amount is almost negligible for the time being.
That being said, we now have a Bitcoin price of over US$4,300 again. It has been a while since we have last seen this value, which makes this rebound all the more significant. The road to US$4,500 or more is filled with roadblocks, but for now, no major resistance has been encountered. That doesn’t mean we won’t see a Bitcoin price retrace in the coming days, though, but for now, things are looking pretty positive overall.
Moreover, the current Bitcoin price momentum has coincided with a rather low trading volume. Although most altcoins would give an arm and a leg for US$1.156 billion in 24-hour trading volume, it is rather poor where Bitcoin is concerned. Compared to last Sunday, the volume is about US$200 million higher, though, which indicates there is a growing demand for Bitcoin. Whether or not this means people want to buy or sell remains to be seen. For now, the momentum is positive, but things can change at any given time.
In contrast, virtually nothing has changed concerning exchange rankings based on trading volume. Bitfinex is still destroying the competition, although bitFlyer and Bithumb are hanging in there. It is pretty intriguing to see the Japanese and Korean exchanges generating nearly identical trading volumes and values for Bitcoin. Said values are still US$30 below the rest of the world, though, but the gap is closing rapidly.
For the time being, it remains to be seen what the future will hold for the Bitcoin price. While things have been looking good for several days in a row now, there is still a lot of opportunity for volatile price swings. In fact, it would only take a few dozen BTC to change the market trend right now, considering that most chart candles will go from green to red and vice versa in a heartbeat. Rest assured speculators will try to take advantage of this situation in one way or another.
It is not unlikely we will see the Bitcoin price return to US$5,000 before the year is over. With the Chinese issues well behind us, the time has come to look toward the future once again. What that future may hold remains anybody’s guess for now, but things are bound to get very interesting regardless. Everyone wants to see Bitcoin succeed in major ways, and there is nothing preventing that from happening, other than greed and false information.