After a pretty boring day for Bitcoin traders, it seems things are slowly turning around. More specifically, the Bitcoin price has risen by 1.45% over the past 24 hours, pushing the value up to US$5,938. It is only a matter of time until we see a price of US$6,000 again. We can only hope the Bitcoin price will actually stay above that value for quite some time to come.
BITCOIN PRICE IS ON THE ROAD TO $6,000 AGAIN
Every time the Bitcoin price sets a new all-time high, it is only a matter of time until the price dips in preparation for the next leg up. We have seen such a retracement over the past two days, pushing the Bitcoin price from nearly US$6,200 to under US$5,800. This is to be expected, mind you, as the Bitcoin price often needs a brief correction before moving from an all-time high to a new all-time high.
Over the past 24 hours, we have seen some interesting Bitcoin price movements. The price first rose from US$5,790 to US$6,029 in just a few hours. After that, the Bitcoin price has been fluctuating between US$5,840 and US$6,075, indicating there is a lot more upward momentum to come in the next few days. Whether or not we will see a Bitcoin price of US$6,100 again remains to be seen, but there is no reason to think that isn’t a possibility.
Moreover, Bitcoin is the first major cryptocurrency to have recovered some of its weekend losses. All other top cryptocurrencies are still in the red, which is not a big surprise by any means. The past few months haven’t been too altcoin-friendly in general, except for a few currencies which successfully weathered the storm. It may take a while until this situation changes, although the SegWit2x fork may certainly shake things up quite a bit in this regard.
Additionally, the Bitcoin trading volume is still pretty strong right now. Just over US$1.9 billion worth of BTC has changed hands in the last 24 hours, which is a pretty solid number relative to yesterday. Bitcoin always seems to do a lot better when its trading volume is around the US$2 billion mark, which seems to hint at an impending uptrend in the next few hours or even days.
Bitfinex is still destroying all other Bitcoin exchanges when it comes to trading volume right now. Its gap with Bithumb and bitFlyer has shrunk by quite a bit, though, as all three platforms are generating over US$168 million in 24-hour volume. That is rather impressive, and it highlights the growing demand for Bitcoin all over the world. The fact that fiat currency markets are dominating Bitcoin trading is a positive sign that should also not be ignored.
All things considered, there are plenty of reasons to get excited about the Bitcoin price right now. A new all-time high may very well be around the corner, for all we know. It is still too early to say for sure, but there seems to be a lot of positive momentum in the market right now.