A lot of people are confident about the Bitcoin price as of right now. Despite the mounting volatility in the market, it has become evident there is some positive momentum looming overhead. Some experts even claim this is the moment at which the Bitcoin price trend will reserve. An optimistic view, as there is a stable level of support for Bitcoin as of yet.
The Bitcoin Price Past $9,000
As we have seen last week, the Bitcoin price took a nasty tumble and hit a low of $7,400. Although most people had expected $8,000 would be the new normal for quite some time to come, it quickly became evident that level of support could be vaporized pretty quickly. In fact, the market manipulators effectively dumped through this stable level, although their negative pressure did not last all that long. It does show how brittle the Bitcoin price really is at this point in time.
Over the past few days, however, things have started to improve for the Bitcoin price. More specifically, we have seen some positive momentum to push the Bitcoin price back above $8,000 when the weekend was over. On Tuesday, it became evident surpassing $8,500 with strong support would effectively be possible. These past 24 hours have led to another 6.55% Bitcoin price increase, pushing the value back over $9,100. There are all solid gains in quick succession, which will usually lead to a very steep correction.
Although it is good to see the Bitcoin price back above $9,100 as of right now, the question is whether or not this momentum can be sustained. While it is evident the Bitcoin price can easily hit $20,000 before the year is over, there is no reason to get ahead of ourselves in this regard either. For now, all markets still remain extremely volatile, and the best – or worst – is yet to come.
With $6.36bn in 24-hour Bitcoin trading volume, it seems this market has recovered quite nicely over the past few days. Although the overall cryptocurrency trading volume is still well below the $20bn mark as of right now, the Bitcoin Dominance Index is still over 43.7%. This has dipped a bit compared to a few days ago, but that is not necessarily a bad thing whatsoever. There is a lot more to cryptocurrency rather than just Bitcoin, that much is evident.
For the time being, Bitfinex is still the largest trading platform when it comes to Bitcoin. That in itself is pretty interesting to keep an eye on, although no one should be surprised by this development. Binance and OKEx complete the top three with their USDT pairs respectively. It is interesting to see how there are three USDT pairs in the top four right now, especially when considering how Tether recently issued another 300 million of those tokens. Whether or not this is a worrisome trend, remains to be seen, though.
While things look pretty positive where the Bitcoin price is concerned, it is evident things can still turn around at any given moment.For now, we will enjoy this uptrend for as long as it lasts. Whether or not we will see a Bitcoin price of $9,500 later today, is very difficult to predict. There is no reason to expect any major developments in this regard, but then again, this is cryptocurrecy at its finest.