Bulls Remain in Control as Bitcoin Price Surpasses $5,600

The past few days have been a rather wild ride for the Bitcoin price, to say the very least. With the price surpassing the US$5,600 mark as of this morning, no one can deny the trend is positive in every possible way. That doesn’t mean the volatility is gone by any means, though, as the Bitcoin price is still going up and down at an accelerated rate. It will be interesting to see how things evolve in this regard, though.

The Bitcoin Price is on Everybody’s Mind Right now

Things have evolved in favor of the Bitcoin price; that much is rather evident. We have seen a substantial bullish trend emerge over the past few days, and it appears this trend is not over just yet. Although this creates a situation in which we would expect to see a major Bitcoin price correction very soon, it remains to be seen if and when that will happen. Right now, it doesn’t appear things will head in that direction soon, but the market is still pretty volatile for the time being.

To put this majestic bullish trend into perspective, the Bitcoin price has risen from US$4,400 all the way to US$5,779 over the past week. Right now, the Bitcoin price sits at the US$5,681 level, which is still a significant gain compared to seven days ago. A small correction has already taken place in the past few hours, although it seems the dip has been bought and the trend will resume.

That being said, there will be plenty of volatility in the market for quite some time to come. A lot of speculators and investors will look to take profit in the coming hours, which is only understandable. A 25% value increase over the course of one week is plenty of reason for people to start cashing out slowly. Whether or not they are doing so well ahead of time remains to be seen, though. It is certainly true there is more room for upward momentum right now, even though we have seen a very positive trend already.

More importantly, Bitcoin has just seen its highest trading volume in quite some time. Two weeks ago, the daily volume dipped to US$1.4 billion, which is next to nothing for the world’s leading cryptocurrency. These past 24 hours, however, have generated US$3.82 billion in volume, which may very well be a new record. This number doesn’t include peer-to-peer or decentralized trades, mind you, thus the final tally will be a lot higher.

Even with the increased trading volume, Bitfinex remains the busiest exchange. Surprisingly enough, it’s been generating almost twice the volume of Bithumb, and just under three times the volume of bitFlyer. Fiat currencies continue to dominate the markets in this regard, which is a positive sign. In fact, there is only one altcoin market in the entire top 10 crypto markets right now, which is Poloniex’s ETH/BTC pair. There’s been a very strong showing of support for Bitcoin around the globe; that much is certain.

It is important not to get swept up in this euphoric trend, though. Anything that goes up in value will eventually come down a bit. When that happens, things could get pretty nasty for Bitcoin, although there is no indication that there will be a reversal anytime soon. It is also good to see such a powerful Bitcoin price trend despite the recent regulatory measures introduced and announced in multiple countries. Bitcoin can’t and won’t be regulated; that much is rather evident.