Not much has changed in favor of the cryptocurrencies over the past 24 hours. Every minor gain made yesterday has effectively been turned into a net loss once again. All currencies continue to follow the Bitcoin price in this regard, as BTC struggles to remain above $7,300.
Bitcoin Price Dip Isn’t Over yet
It is evident there is still plenty of negative pressure on all of the cryptocurrency markets today. This is all tightly correlated to how manipulators and speculators continue to push the Bitcoin price down for quite some time now. It is not necessarily a good thing by any means, but this trouble situation has been in place for quite some time now. It seems there will be no change in the Bitcoin price anytime soon either.
More specifically, there was some brief positive momentum last night. With the Bitcoin price rising above $7,500 again, most people assumed the bearish pressure was finally relenting. As is usually the case, that was just a brief uptrend which was negated pretty quickly. As such, the Bitcoin price dropped below $7,400 again and is now struggling to maintain any momentum above $7,300.
With another net loss of 2.26% in the past 24 hours, it is evident things are not looking all that great right now. The Bitcoin price has steadily lost value nearly every single day throughout 2018, and it seems remaining above $7,000 will prove nearly impossible. Whether or not things will evolve in that direction, remains a bit unclear, as anything and everything is possible in the world of cryptocurrency.
Even the Bitcoin trading volume is dropping, albeit that is not entirely unusual during the weekend. More specifically, trading volumes for all cryptocurrencies are on the decline as of right now. When the Bitcoin trading volume drops, altcoins are bound to go with it sooner or later, which is exactly what is happening right now.
At the time of writing, Binance is the largest exchange by BT trading volume with its USDT pair. OKEx’S TRUE and USDT are in second and third place as of right now. Bitfinex offers the only fiat currency pair in the five, followed by Huobi’s USDT market. It is evident there is no real money pouring into Bitcoin to stop the outflow, albeit that situation may come to change next week.
For the time being, it remains a bit unclear what the future holds for the Bitcoin price. Things do not look even remotely impressive right now, and a dip to $7,000 and potentially lower seems nearly inevitable. When that happens, there will be even more panic selling to push the Bitcoin price down even further. All of this remains subject to change, as unpredictable markets will remain unpredictable at any given time.