It has become painfully evident this weekend will not be a good one for the cryptocurrency markets. If the retracing Bitcoin price is any indication, the next 48 hours may very well turn into a major bloodbath. With the Bitcoin price firmly below $10,000 once again, the market volatility only intensified as more time progresses.
ANOTHER BITCOIN PRICE DIP MATERIALIZES
It is not entirely surprising to see the Bitcoin price go through another small correction as of right now. Such a trend has been forming for several days now, especially when the Bitcoin price surpassed $10,000 again not that long ago. It seems the world’s leading cryptocurrency simply can’t catch a break right now, as the bearish momentum is not relenting whatsoever.
Over the past seven days, we have seen the Bitcoin price as high as almost $12,000. Such a strong gain cannot occur without a correction to follow shortly after. It is the unfortunate way in which cryptocurrency markets work at all times. Ever since almost touching $12,000, we have seen the Bitcoin price go lower and lower every single day. It seems we may be in for another wild ride in this regard.
Even the support at $10,000 did not help matters much. While it helped create a temporary bounce yesterday evening and this morning, it was eventually dumped through without too many problems. For now, one Bitcoin is valued at just over $9,750, but it wouldn’t surprise anyone to see this value dip below $9,500 in the next few hours.
With $6.916bn in 24-hour trading volume, it is safe to say the global interest in Bitcoin has not diminished Every big dip creates new buying opportunities, even though not everyone will see it that way. For now, the volume mainly consists of people liquidating BTC holdings and driving the Bitcoin price down even further. If this trend continues, the current 4.58% loss may hit double-digit percentages rather soon.
For the time being, Bitfinex is the largest exchange ranked by Bitcoin trading volume. They have a solid lead over OKEx and Binance as of right now. We see just one fiat currency pair in the top three, even though both other markets are USDT pairs. There is no South Korean exchange in sight other than Upbit in fifth place and Bithumb in seventh. Even their prices are falling quite quickly as of right now, yet Bitcoin is still trading at a premium of nearly $1,000.
Whether or not the Bitcoin price momentum will reverse, is very difficult to predict. Anything is possible in the world of cryptocurrency, but this current trend seems to be solidifying as we speak. That means we may very well see more losses in the Bitcoin price department moving forward. Unfortunately, this will also drag all altcoins with it, as everything is turning red as we speak.