Bitcoin Smashes Through $4,200, Dips Bought up Quickly

Things have been looking quite good in the world of Bitcoin and cryptocurrency markets these past few days. There is a very strong bullish sentiment to contend with, which has effectively driven the Bitcoin price up by quite a bit. Earlier today, Bitcoin hit yet another all-time high at US$4,228. Though there has been a small dip since that time, it appears all markets are stabilizing as we speak. No one knows how long the current momentum will be maintained.

The Fourth Bitcoin Price ATH in Under Two Weeks

Bitcoin has once again proven it is here to stay, as the price of the world’s leading cryptocurrency reached another all-time high earlier today. This marks the fourth all-time high reached in less than two weeks, indicating that there is a lot of money flowing into Bitcoin right now. Such a Bitcoin price trend has not been recorded before without a major collapse as a result. For now, it seems the market remains fairly stable above the US$4,000 mark, although we see signs of a potential upcoming dip on the charts right now.

Reaching an all-time high of US$4,228 is quite spectacular, even for Bitcoin. Just a few days ago, we were pondering whether or not BTC could pass the US$3,500 mark. We have come a very long way since then, and it now appears that US$4,500 is ripe for the taking in the coming days. This bullish Bitcoin price market sentiment cannot go unchecked, though, as there will be a fair amount of profit taking along the way to higher price points. Many investors jumped on the Bitcoin hype train when its value passed US$3,000 less than two weeks ago.

Even with a small dip forming on the charts, there is no reason to panic over the Bitcoin price just yet. A big upward move always needs a correction to ensure the market stabilizes. In the case of Bitcoin, such a retrace could easily mean a price dip of US$500 or more. The bigger question is how long such a price dip would last, as there are still some very large buy orders being executed across the world’s cryptocurrency exchanges. It is clear there will be some minor corrections, but the overall bullish sentiment won’t be going away just yet.

Not unlike the past few days, fiat currency trading pairs continue to push the Bitcoin price upward. Although the leading market is Bittrex’s NEO/BTC, fiat currency can be found in spades as well. Specifically, the CNY market has started to show an increase in 24-hour trading volume. OKCoin, BTCC, and Huobi have all increased their volume over the past 24 hours in one way or another. Bithumb is still firmly in the number two spot, only barely behind the NEO/BTC market on Bittrex. Bitfinex claims the number three spot with its BTC/USD trading market. A good collection of different currencies, to say the least.

Looking at the bigger picture, Bitcoin is not the only cryptocurrency gaining in value. A 4.41% Bitcoin 24-hour price increase is on par with what we have seen over the past few days. Ethereum is also up by another 3.19%, whereas NEO has smashed all other gains with a 16.83% increase. That particular coin has been even more bullish than Bitcoin, which is quite remarkable. Then again, the cryptocurrency world is about much more than just Bitcoin; that much is evident.

This roller coaster has provided a very wild and exhilarating ride so far. Maintaining the upward momentum without a few dips along the way is nigh impossible. For now, the dips are being bought up fairly quickly, which is a positive sign. Though it’s impossible to predict the future, there is no reason to think the Bitcoin price will see a major crash in the coming days. Then again, the market is dominated by whales and speculators, and therefore anything can happen at any given moment.

One Response

  1. Keiko July 20, 2020

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