The Bitcoin price has started to dip again slightly, although the big crash some people expected has not occurred. It is normal to see some price corrections now and then, and looking back at the charts, things are slowly starting to recover again. There was a big spike in Bitcoin trading volume yesterday, though, which may be a result of the selling pressure.
Bitcoin Price Drops Briefly
It wasn’t entirely unexpected to see the Bitcoin price drop a big yesterday, as there has been strong upwards momentum as of late. It was only a matter of time until some holders would pull the trigger and hope to buy back in cheaper. With a price shift of less than US$20, that may not have worked out as planned, though.
That being said, the Bitcoin price has started a slow recovery process once again, as the bottom of the sell-off was found at US$561.55, albeit only for a brief moment. A second drop came shortly after, which dipped to US$564.52 after a brief upward trend. Ever since that time, there has been a slow but steady price increase once again.
At the time of writing, the Bitcoin price has recovered to a US$575 price level. The price has been hovering around this value for the past few days, albeit a lot of people are wondering if we can get past the US$600 point shortly. It is certainly possible, but it will take a lot of volume to reach that threshold.
It is well worth noting there was a spike in USD Bitcoin trading volume yesterday. Part of this can be attributed to the sell-off that took place, of course, and a total of 105,214.55 BTC changed hands yesterday. Quite an increase from the US$67,911.06 BTC in volume the day before that,
Right now, there seems to be a lot of frantic action taking place across Chinese exchanges, which may indicate a new price increase very soon. Trading volume appears to be picking up, and over 1 million BTC changed hands yesterday. It looks like there will be similar volume across the board today.
Source: CryptoCompare
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