Sustaining positive momentum in the world of cryptocurrency has proven to be nearly impossible these days. It is evident there’s plenty of bearish pressure across all markets, especially now that all of the overnight gains are meeting a fair amount of resistance. The way things look right now, there will be a serious struggle to keep the Bitcoin price above $10,000 in the coming hours.
BITCOIN PRICE GAINS ARE ERODING
Even though the Bitcoin price has seen some major gains over the past 24 hours, it seems to be a matter of time until the momentum reverses again. Thanks to a solid 7.42% jump in value, the Bitcoin price now hovering just above $9,800. To many people, it makes no sense as to why the price has not reached $10,000 just yet, but that price level has turned into major resistance as of right now. Solving that problem will not be easy whatsoever.
Even though the Bitcoin price rose to almost $9,900 in quick succession, it has become evident that may be as high as we will go, for the time being. Unless some major momentum materializes out of the blue – which seems highly unlikely – we won’t see $10,000 or more anytime soon. Then again, anything is possible in the cryptocurrency world, and odd price changes have been rather prevalent on multiple occasions as well.
One worrisome aspect is how the Bitcoin price remains subject to volatility when news arises in even the slightest of negative manners. Last week, the big dip was caused by the Mt. Gox trustee who decided to liquidate tens of thousands of BTC on the open market. With another 180,000 BTC to be sold, it remains to be seen how all of this will play out in the long run.
With $6.18bn in 24-hour trading volume, things are looking pretty good for Bitcoin as of right now. While this volume is a lot lower than some people would like right now, there is still plenty of positive momentum in the tank as well. If this trading volume keeps up the way it is going right now, things will undoubtedly get a lot more interesting in the next few hours. Whether or not that will result in positive momentum, is a different matter altogether, though.
The way things look right now, Bitfinex is the top exchange ranked by Bitcoin trading volume. OKEx comes in second place, followed by Binance, of all exchanges. With just one fiat currency pair in the top three, things don’t look all that promising. However, there are 5 additional fiat currency market sin the remainder of the top 10, which helps even out things a bit. An interesting trend to keep an eye on, that much is evident.
For the time being, there is no real indication as to how the Bitcoin price will evolve. While it is certainly possible the price will surpass $10,000 later today, maintaining that price point will prove to be a rather big challenge. It is a very volatile market first and foremost, and that situation will only grow worse as more time progresses. Right now, cautions remains advised, as things can still turn around relatively quickly.