A lot of people are keeping a close eye on the Bitcoin price right now. Unfortunately, things are not heading in the direction most enthusiasts would like to see. With the SegWit2x frustration still pretty visible in the community, the Bitcoin price is taking a serious beating as of late. Over the past 24 hours, the price has dropped below US$7,000 once again. It is unclear how things will evolve from here on out, but more bearish momentum is not out of the question.
Bitcoin Price Leaves the $7,000 Range
The year 2017 has been incredibly bullish for the Bitcoin price, and this trend is still pretty much intact. Right now, things look very different for those people who fail to see the bigger picture. With the Bitcoin price falling below US$7,000 for the first time in over a week, things are looking a bit worrisome. It is possible the Bitcoin price will recover pretty quickly, though, but no one knows for sure how things will play out in the coming days and weeks.
Over the past 24 hours, the Bitcoin price has taken a rather big nosedive out of the blue. Ever since the SegWit2x cancellation plans were made public, people assumed there would be some form of a Bitcoin price correction. Even though the fork will still happen on the 15th as originally planned, it will seemingly have a much smaller impact than was expected.
The displeasure of not receiving free coins will annoy a lot of people, which is only normal. That being said, the Bitcoin Gold fork will go live tomorrow, although the snapshot of the blockchain required to claim free coins was taken a few weeks ago. Indeed, there is no real reason to keep inflating the Bitcoin price now due to expectations of free airdrops. It’s an interesting situation, albeit an annoying one as well.
With US$3.735 billion in 24-hour trading volume, the demand to buy and sell Bitcoin is still there right now. Unfortunately, it seems most of this volume is made up of sales rather than actual buys. As we have seen in the past with Bitcoin, such a situation can change pretty quickly without any major problems. Whether or not the Bitcoin price will start moving up again over the weekend remains the big unknown for the time being. After all, weekends are notorious for unusual trading activity in every possible way.
Surprisingly, Bithumb is not the busiest exchange for Bitcoin trading right now. It pretty much dominates all major altcoin markets right now, although it is still in second place where the Bitcoin trading volume is concerned. Bitfinex is clearly in the lead, although its US$58 million lead over Bithumb could melt like snow in the sun a lot sooner than people expect. It’s an interesting situation to keep an eye on over the coming hours; that much is certain.
In the end, the point most people care about is whether or not the Bitcoin price will go up or down even further. Right now, either option is very likely, although it seems plausible that there will be some more negative pressure on the markets for several hours, if not days. People who like to speculate on the Bitcoin price will be happy with this lower price point at which to buy back in. What that price point will be exactly remains to be seen.