With all cryptocurrencies suffering from a temporary setback as of right now, it will be interesting to see where the industry will go next. Although the Bitcoin price is on the decline as we speak, it seems things will only improve from here on out. As is usually the case with any temporary dip, the price action needs to be taken in stride first and foremost. Remaining above $9,000 will be the top priority for the Bitcoin price, but doing so may be challenging.
What Comes Next for the Bitcoin Price?
While most people are hoping for the Bitcoin price to surpass $19,000 later this year, it remains to be determined whether or not that can effectively be the case. The current momentum is still rather bullish, although there is a very good chance we will some setbacks along the way. Over the past 24 hours, there has been a minor Bitcoin price dip, although nothing out of the ordinary either.
Anyone who has followed the Bitcoin price momentum for some time now will acknowledge dips and rises occur quite regularly. This recent 1.76% dip is nothing to be overly concerned about, and it seems most of the losses are being bought up at the time of writing. Although a drop from $9,275 to just above $9,000 is rather scary, it seems safe to assume the Bitcoin price will remain above $9,000 with relative ease unless strange things happen.
As is always the case, it remains unclear what the future will bring for the Bitcoin price, especially in the short term. Any dip can trigger panic selling, which happens quite regularly in the cryptocurrency world. Ever since dipping almost below $9,000, there has been a small bounce on the chart, although the battle for control of this price level will remain in effect for quite some time to come.
The Bitcoin trading volume seems to be holding its own with relative ease as of right now. Thanks to $8.429bn in trades over the past 24 hours, there is absolutely nothing wrong with the world’s leading cryptocurrency. Albeit the Bitcoin Dominance Index has fallen below 37% once again, there is no reason to think Bitcoin will be dethroned as leading cryptocurrency in the future. Even so, altcoins are trying to mount a comeback of sorts, and it will be interesting to see how things unfold.
As of right now, Binance is the leading trading platform for Bitcoin. That is a bit surprising, although most of the volume comes from its TRX pair. USDT trading on Binance and OKEX is in second and third place, followed by Bitfinex’s USD pair. Binance completes the top five with its EOS/BTC market as. A very intriguing collection of trading markets, although the involvement of altcoins over fiat currencies is a bit worrisome.
Whether or not the Bitcoin price will remain above $9,000 will be the question of the day. Assuming that is indeed the case, there is a very good chance the Bitcoin price will go back to $10,000 and beyond in the coming weeks. If the support falls apart, anything can happen in the hours and days to come. For now, speculators will have to wait and see what the future brings, as everything is possible in this industry.
