Bitcoin Price Faces Resistance Around $4,300
No one can deny the Bitcoin price has recently gone through a major uptrend once again, although we have not retraced to the previous all-time high value just yet. Whether or not that will ever happen, remains to be seen, for the time being. Right now, the Bitcoin price sits at around $4,315 according to Coinmarketcap, although it remains to be seen how things will perform in the long run. Right now, there is a 2.95% loss over the past 24 hours, although it is not something anyone should be overly concerned about for the time being.
Although it is unclear what is driving this sudden drop in Bitcoin price, it just appears to be a small market correction which would happen sooner or later. Going from $4,463 to the low $4,300s is not necessarily something most of us would like to see in the long run, but these dips will occur along the way in the long run.This latest price dip is not necessarily surprising in this regard, even though some people will be worried about how things may evolve over the next few days.
It is evident this current setback will only be a temporary setback, though. After all, the Bitcoin trading volume is still pretty solid, with $1.369bn in 24-hour volume. That is good to see, although it could be a lot higher as well in the long run. After all, we are still a long way away from the $2bn in daily trading volume we had grown accustomed to for quite some time now. Unfortunately, the past week or so has seen trading volume failing to reach $1.8bn or more. Then again, this number never tracks decentralized and OTC trading in most cases, thus the actual amount of trades will be a lot higher compared to what Coinmarketcap displays right now.
Looking at the exchanges by trading volume, very little has changed other than the numbers themselves. Bitfinex, Bithumb and bitFlyer still dominate the market as we speak, which is the same as we have seen over the past 10 days. The volume generated by Bitfinex alone remains rather remarkable, considering they still represent over twice the volume of Bithumb. Given South Korea’s affinity for Bitcoin as of late, one would expect this gap to be a lot smaller.
No one knows for sure what the future will hold for the Bitcoin price right now. This free market doesn’t necessarily respond to good and bad news whatsoever, and there is still a fair amount of manipulation going on every single day. Right now, it seems the momentum is still in favor of Bitcoin, although only time will tell how things will evolve in the next few days. After all, reaching $5,000 again is still a viable target before the year is over.
For the time being, things aren’t looking out of order for the Bitcoin price either. While a setback is somewhat disappointing, we have not seen a violent Bitcoin price retrace compared to a few weeks ago. Nor is there any reason to expect a much bigger dip in the near future, as there is absolutely nothing that can influence the value of Bitcoin itself. Companies dealing with cryptocurrency are a different matter entirely.