Weekends have always been notorious for their lack of cryptocurrency trading momentum. Although there have been some exceptions in recent weeks, things aren’t looking impressive by any means right now. It seems the Bitcoin price has gotten stuck in sideways drift once again, with the value moving down toward US$4,300 once again.
Bitcoin Price Momentum Runs out of Steam
Most cryptocurrency traders will agree the Bitcoin price has seen some positive momentum throughout the past week. More specifically, we started the week with a Bitcoin price of US$4,285 and saw a high of US$4,462 shortly thereafter. Unfortunately, this positive momentum ran out of steam pretty quickly, resulting in a fierce battle for control at the US$4,300 mark. This is still where we are today, one week later.
It has to be said that things weren’t always looking great for the Bitcoin price this week either. At one point, the value of 1 BTC dipped all the way down to US$4,173.59. Although this was not the largest Bitcoin price dip we had seen in recent history, it did make some people wonder whether or not the US$4,300 level could even be considered to be some form of support. Thankfully, the Bitcoin price leapfrogged back to that very mark less than 24 hours later.
Ever since then, however, not much has happened to the Bitcoin price. There have been a few attempts to establish a higher price point, but nothing has materialized in the end. Breaching US$4,400 was done successfully, but the price quickly went below this level again as people were seemingly purposefully keeping the BTC value down. It is unclear why US$4,400 is such a critical level, though, as it is still US$600 removed from the all-time high.
At the time of writing, one Bitcoin is valued at US$4.328.42, which represents a 1.72% decline over the past 24 hours. This is nothing to be concerned about, but traders also have to face the fact that there will be a lot of sideways momentum moving forward. There is no indication of Bitcoin going up or down by any significant degree right now. It is certainly possible we will maintain a price of US$4,150 to US$4,350, but not much will be happening outside of those “barriers”, so to speak.
Moreover, the Bitcoin trading volume is pretty abysmal right now as well. Granted, Saturdays and Sundays are never positive for cryptocurrency trading volume in general, but it is still odd to see the Bitcoin trading volume sitting below US$1 billion. Indeed, this volume has been slowly dwindling all week, as Bitcoin has been unable to generate its usual US$2 billion in 24-hour volume for several days in a row now. Whether or not that situation will change remains to be determined, though.
Bitfinex remains the top exchange by trading volume, followed by bitFlyer and HitBTC. Not seeing Bithumb returning to the top three by now is somewhat of a surprise, although the Korean volume has been slowly drying up all week. Whether or not things will pick up again remains unknown, but for now, things aren’t looking all that exciting. If one thing is certain, it’s that sideways Bitcoin price action is incredibly boring to look at.