Although it is still a bit too early to say for sure, it does appear the Bitcoin price is recovering slowly. More specifically, the Bitcoin price is inching toward $4,0000 again, although reaching and maintaining the level will not be easy. Compared to a few days ago, the overall trading volume is still pretty low, though. It is certainly possible this is only a temporary uptrend, but we will have to wait and see what happens.
Bitcoin Price may Surpass $4,000 Soon
To a lot of people, it is somewhat of a surprise to see the Bitcoin price reach almost $4,000 again. The past few weeks have been anything but kind to Bitcoin and it remains to be seen if this new trend will last longer than just a few days. While there is no real reason for the Bitcoin price to go down whatsoever, no one can deny the recent trend has been pretty bearish overall. Breaking that cycle will not be easy by any stretch of the imagination.
That being said, things are looking a lot better for Bitcoin right now compared to a few days ago. After trading sideways around $3,700 for far too long, the Bitcoin price now sits at $3,945 and may even surpass $4,000 in the coming hours. Do keep in mind there is still plenty of market volatility and the price may never go that high before meeting too much resistance again. The lower price point allowed a lot of investors to buy in and they will take profits along the way.
One worrying aspect about this whole ordeal is how Bitcoin still has very low trading volume. Over the past few weeks, we have grown accustomed to a daily volume of around $2bn or more. Right now, that volume is “just” $1.3bn, which is a lot lower than it should be under normal circumstances. It is unclear what causes this discrepancy, but it is certainly possible things will pick up again sooner or later. After all, the actual demand for Bitcoin has not slowed down one bit, especially not in China.
Speaking of the Bitcoin trading volume, it appears most of the money is passing through Bitfinex, bitFlyer, and Bitstamp. None of these names is a big surprise in the top three. Bitfinex still generates nearly three times the volume of the number two exchanges, which shows how many people rely on this platform in particular. It is also good to see fiat currency markets dominate the Bitcoin trading volume charts, as the world’s leading cryptocurrency shouldn’t derive its value from people dumping altcoins.
For the time being, the bigger question is whether or not the Bitcoin price will surpass $4,000 today. It is certainly possible, but we have to keep in mind slow and steady wins the race for cryptocurrency. After the mega corrections we have seen not too long ago, it will take some time for markets to fully recover and money to find its way back to Bitcoin. While the first steps are being taken in this regard, this is not a race by any means.
A lot of cryptocurrency enthusiasts will be pleased to see the Bitcoin price finally head back in the right direction. Although the overall trend for this particular cryptocurrency has been bullish all year, the corrections have made some people think twice about how this market will evolve. All signs are still very positive for Bitcoin overall, but it is doubtful we will see a $10,000 valuation anytime soon. Then again, stranger things have happened in the cryptocurrency world.
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