Another day of trading has passed and the cryptocurrency markets look worse for wear. Albeit it is evident there is still some room for improvements, most of the declines have been stemmed, for the time being. By the look of things, the Bitcoin price may be on its way to reaching $7,500 once again. Reaching that value may prove extremely difficult, though, as the bears remain in control of the market, for the time being.
WHAT COMES NEXT FOR THE BITCOIN PRICE?
In the world of cryptocurrency, things hardly ever go as people expect them to. Despite the lack of news warranting a massive drop in value, the Bitcoin price has seen its fair share of setbacks through most of 2018. It is evident this situation may not necessarily improve in the near future, although things are never set in stone in this industry.
With another 1.38% Bitcoin price decline over the past 24 hours, it is rather evident things are not looking overly impressive by any means. While that doesn’t necessarily mean this negative trend will continue for much longer, it seems there will be little improvement throughout the weekend. After all, Saturdays and Sundays are notorious for very unusual trading behavior, which usually results in pretty negative market pressure.
Whether or not the Bitcoin price can reach $7,50 again this weekend, remains one of the bigger questions waiting to be answered. Even so, reaching that value is only part of solving the problem. After all, there is still the question as to whether or not this value can be maintained for more than a few hours, as the bears will undoubtedly try to push the Bitcoin price well below this threshold sooner rather than later.
Thanks to $4.56bn in 24-hour trading volume, things are not looking all that bad for the Bitcoin price. Although one would assume this is decent volume, it has become apparent the overall interest in trading cryptocurrencies is on the decline. With less than $45bn in volume over the past 24 hours, things are simply not adding up to warrant any major increases in the next day or two.
As of right now, OKEx is the leading exchange when it comes to Bitcoin trading volume. That in itself is interesting, as it generates more volume than Binance and Bitfinex. Huobi and OKEx’s TRUE pair are also in the top five right now, but only one of these five trading platforms has a fiat currency pair. That means very little fresh capital is entering the Bitcoin market, and by extension, the rest of the cryptocurrency industry.
For the time being, it remains unclear what the future will bring for all cryptocurrencies. Unless the Bitcoin price recovers in a meaningful manner, none of the altcoins will see any real improvements either. This uneasy status quo should not be underestimated, as it may very well remain in place for quite some time to come. Eventually, things will pick up for all cryptocurrencies but now does not appear to be that time whatsoever.