Order has been restored in the world of cryptocurrency, as the Bitcoin price is back on track right now. Thanks to a solid 3.61% gain over the past few hours, we’re now once again looking at a Bitcoin price of US$5,750. It was to be expected that the Bitcoin price would mount a strong comeback today, as losses taken over the weekend are often recovered on the following Monday.
BITCOIN PRICE IS BACK ON TRACK
No one can deny the expected Bitcoin price correction has paved the way for a new all-time high to be achieved in the coming days. Although the drop to almost US$5,500 wasn’t entirely unexpected, some people got queasy because of it anyway. Corrections are a natural phenomenon in trading markets, as they often solidify a new platform of support before the next leg up. In the case of the Bitcoin price, that support seems to be hovering near the US$5,500 mark for now.
That doesn’t mean the Bitcoin price will never drop below US$5,500 again, mind you. While that may appear to be a stable floor for the time being, speculators and manipulators can ensure the US$5,500 level won’t last long if they concentrate their dumping efforts. For now, it’s served its purpose, though, and eventually allowed the Bitcoin price to return to US$5,747. That’s a healthy bounce in the right direction; that much is certain.
With the Bitcoin price slowly inching back above US$5,700, the big question becomes how things will evolve from here on out. It is certainly possible we will see another attempt to breach US$6,000, but things may enter sideways trading mode for some time as well. The year 2017 has been exceptionally bullish for Bitcoin already, and one shouldn’t get too greedy either. However, the momentum is in place for a new all-time high before the year is over; that much is pretty evident.
Thanks to nearly US$2 billion in 24-hour trading volume, there is no reason to be concerned over the Bitcoin price right now. There is still enough market volatility to make things somewhat tense, although a major sell-off is not necessarily on the horizon. Then again, a price difference of US$200 or more has become a nearly daily occurrence for Bitcoin of late, and the next dip or jump may be just around the corner for all we know.
Once again, Bitfinex is leading all exchanges when looking at the rankings based on trading volume. Its volume is twice that of bitFlyer, which has briefly surpassed Bithumb for the time being. The competition between Japan’s and South Korea’s leading exchanges is pretty interesting to keep an eye on, although no one knows for sure how things will evolve in the coming hours. Everything looks pretty solid for Bitcoin right now, but things can always change on short notice.
All of this goes to show the global demand for Bitcoin is still intact. Any dips sustained over the weekend are often a temporary setback unless a major crash occurs. Dropping to US$5,500 is next to nothing as far as the Bitcoin price is concerned these days. Solid momentum will eventually push the price to US$6,000 and potentially even higher. When that will happen remains anyone’s best guess, though.