Things are not looking all that great for the Bitcoin price as of right now. Although it is unclear where this sudden bearish pressure is coming from, the price is getting battered quite badly. Thanks to a 6% decline in the past few hours, the Bitcoin price has now dropped below $9,000 and is seemingly heading to $8,500 or potentially even lower.
What is Happening to the Bitcoin Price?
Cryptocurrency is an industry which often makes no sense at all. Due to the speculative nature of all of these currencies, any price momentum can send the markets in either direction pretty quickly. Last year, we saw a lot of people placing buy orders at a higher Bitcoin price mainly because they were afraid of missing out on all of the action. This year, it is the exact opposite, with market makers pushing the Bitcoin price down fairly regularly.
This latest Bitcoin price dip comes in the form of another 6% decline. Even though the momentum looked fairly positive this morning, something has triggered a massive sell-off. The reason behind this unexpected momentum remains unclear to everyone, as there is no reason for the Bitcoin price to go through such rough patch at this stage. Global interest in Bitcoin has soared for several months now and the overall interest in the world’s leading cryptocurrency hasn’t diminished in the slightest.
Even so, we are now looking at a Bitcoin price of $8,772. It seems unlikely this level will be maintained for the near future, as there is so much pressure to grind the Bitcoin price into the dirt. If this momentum is sustained, the upcoming value of Bitcoin may not even be above $8,000. That would be another big setback for the cryptocurrency users, although it won’t matter all that much to those who are in it for the long haul.
One thing keeping the Bitcoin price dream alive is how the trading volume isn’t diminishing over the past 24 hours. There is still over $7.39bn in 24-hour trades, which is on par with what we have seen for Bitcoin over the past few weeks. Despite the bears being in control of the market right now, it is possible this momentum will turn around sooner than people expect.
As of right now, Bitfinex is the largest exchange ranked by Bitcoin trading volume. OKEx is in second place, followed by Binance. All three platforms generate over $300n in volume as of right now, which looks pretty solid. Huobi and Bitstamp complete the top five, which brings the total number of fiat currency pairs to two. All three other pairs are USDT offerings, which seems to indicate there is still a lot of positive momentum for Bitcoin to contend with..
For the time being, one has to wait and see how the Bitcoin price evolves in the coming hours. If panic selling truly kicks in, a drop to $8,000 isn’t out of the question by any means. However, if a pushback can find stable ground, the Bitcoin price can easily reach $9,000 again before the day is over. A lot of people will be glued tot he price charts for some time to come, that much is certain. This upcoming weekend will also be quite interesting in terms of cryptocurrency trading.