These days are not all that fun for most cryptocurrency enthusiasts. With all markets still in the deep red, it is evident the coming weekend will bring either a lot of relief or tons of joy. The way the Bitcoin price looks right now, we may very well see a small bounce, although reaching $10,000 seems virtually impossible. Never say never in the world of cryptocurrency, though.
Bitcoin Price Struggle is Very Real
It has become rather evident there is a lot more bearish pressure on the cryptocurrency markets than most people had anticipated. Even though the year 2018 has not been all that positive overall, it seems things are only growing worse as time progresses. More specifically, we have seen a total of two major price “crashes” already, and the third one is still in full effect as of right now. The volatile nature of cryptocurrencies is well-documented, but this latest dip took a lot of people by surprise.
Even so, the current Bitcoin price is slightly higher compared to what it was just a few hours ago. Ever since this drop from just over $11,000 began, people have been wondering if $10,000 would turn into the new support level. Sadly, that is not the case, as the Bitcoin price kept dropping pretty hard last night and earlier today. When $9,000 was broken, things really started to look dire.
That was not the end of it, though, as the Bitcoin price almost dropped to $8,400 in the process. Thankfully, we are now looking at a value of nearly $9,000 once again, even though it is evident any upward momentum will be pushed down eventually. Especially with the weekend almost upon us, it seems normal there will be a further Bitcoin price decline on the horizon. This weekend may prove to be different, but few people actively hold out hope in this regard.
Bitcoin still has nearly $8.5m in 24-hour trading volume, which can only be considered to be a good thing. Even if the sellers vastly outweigh the buyers right now, there is a small positive trend forming on the charts. With the recent $500 recovery in a matter of four hours, there’s still plenty of time to turn this ship around once again. Whether or not that will effectively happen, is a different matter altogether.
As ok right now, Bitfinex leads the charts based on Bitcoin trading volume. That is somewhat surprising, as one would expect OKEx to be close to the top as well. Right now, there’s a $370m gap between these two platforms. Binance completes the top three with their BTC/USDT pair, indicating Tether’s token is actively playing a role in the Bitcoin market once again. Rest assured this will cause a lot more speculation moving forward, but for now, it seems to have virtually no positive impact on the Bitcoin price whatsoever.
For the time being, it remains to be seen what the coming days will bring. Further Bitcoin price declines appear to be very likely at this point, although the market will bounce back at some point. When it does, it will probably in the spectacular fashion we have grown accustomed to over the past few years. Right now, things look very brittle and the volatility is far from over. There’s no need to cut one’s losses, though, as this trend won’t be sustained indefinitely.