As is usually the case during the weekend, there is very little exciting news to report on when it comes to cryptocurrency prices. Everything is in the red once again, as Bitcoin struggles to find stable support above $12,000. With a Bitcoin price of $11,949 at the time of writing, we are looking at a 6.35% decline over the past 24 hours. Whether or not this trend will reverse again anytime soon, remains to be determined.
Bitcoin Price Struggles are not Over Just yet
The year 2018 has not been off to a good start as far as the Bitcoin price is concerned. In fact, it has been rather problematic in many different ways, mainly thanks to the lingering technical issues. Moreover, we have not seen the Bitcoin price show any sign of stability near the $12,000 level whatsoever. Any attempt to go above this value is always rejected fairly quickly, even though the Bitcoin price hit $14,4000 not that long ago.
Over the past seven days, we have seen some interesting Bitcoin price changes. On January 15th, we had a Bitcoin price of $13,400, which was eventually followed by a quick rise to $14,400. In the past few days, this price took a steep dip all the way down to $9.600. Ever since that time, we have seen the Bitcoin price remain stuck below $12,000 for most of the time, despite some bullish momentum pushing the value to over $13,000.
It is a bit unclear what all of this means for the long-term Bitcoin price, though. After the all-time high of over $19,000 a few weeks ago, things have certainly taken a turn for the worse. It is highly doubtful we will see such a high Bitcoin value anytime soon, although the unpredictable nature of cryptocurrencies has a tendency of surprising a lot of people. Most experts remain bullish on the Bitcoin price long-term, but it is evident there is too much negative sentiment in the markets as well.
If there is one positive thing to take away from the Bitcoin price woes, it is how the 24-hour trading volume is above $10bn most of the time. That in itself is rather remarkable, and it shows there is definitely a growing demand for Bitcoin and other currencies as well. With $10.4bn in the past 24 hours, no one will deny the demand to buy and sell Bitcoin is still very strong, even during the weekend.
Most of the Bitcoin trading volume originates from the Upbit platform, which is a rather interesting development. OKEx is in second place with their BTC/USDT pair, which is another intriguing turn of events. Bitfinex completes the top three with their BTC/USD pair. Further down the line, we see bitFlyer close in on Bithumb in terms of trading volume, and GDAX barely remains in the top 10 as of right now. It will be interesting to see what the future holds in this regard.
For now, we will have to wait and see what the next few weeks bring in terms of the Bitcoin price. More specifically, the current outlook is rather negative, as we may see another major drop to $10,000 a lot sooner than people expect. At the same time, the momentum can do a complete 180 tomorrow and the Bitcoin price may attempt to break the $14,000 resistance once again. Cryptocurrency markets are volatile and unpredictable and that situation will probably never change.