Now that Bitcoin has set a new all-time high yesterday afternoon, it was only a matter of time until the momentum would sour again. Every new all-time high is met with a slight retrace before the next leg upward. Right now, the Bitcoin price is back below $6,000, rather than $6,170 like yesterday evening. A lot of people wonder what is next for the Bitcoin price, but things are still looking pretty good as we speak.
Bitcoin Price dip is a Positive Sign
Most Bitcoin users have grown used to the concept of seeing the Bitcoin price go up, retrace, and go up again. These cycles of gaining value, correcting, and gaining more value have become a lot more common these days. While Bitcoin may see less price volatility compared to a few years ago, the current Bitcoin price swings are often a lot bigger in terms of USD value. That is not necessarily a bad or strange thing, especially not when looking at the current Bitcoin price as a whole.
To put this into perspective, the Bitcoin price reached a new all-time high just yesterday. With the price finally surpassing $6,000 and $6,100 in quick succession, it was evident a correction would need to occur sooner or later. These corrections don’t have to be anything major, mind you, but right now, we are dealing with another $250 dip. With the Bitcoin price hovering near the $5,950 level right now, it is evident there was a very strong pullback, although it will not last all that long.
In fact, the Bitcoin price dipped all the way to $5,827 overnight, which is in very stark contrast to the $6,194 all-time high a few hours prior. Especially during the weekend, such price swings have become all the more normal as of late. This doesn’t mean we will see a full-fledged retrace anytime either, as reaching $6,000 again seems to be only a matter of time right now. Dips are designed to be bought, as it allows for some quick profits along the way.
Moreover, we still see a very strong Bitcoin trading volume over the past 24 hours. With $2.2bn worth of BTC changing hands across all exchanges, it is evident there is a growing demand for the world’s leading cryptocurrency. This is not entirely surprising, especially not with a few big dips along the way after setting this new all-time high. For the time being, it remains to be seen what the future may hold for the Bitcoin price, but things aren’t looking all that bad by any means.
The trend established over the past few weeks has not changed when it comes to exchanges ranked by trading volume. Bitfinex is still firmly in charge, followed closely by Bithumb. bitFlyer is still in third place, as no other exchanges generate over $100m in trading volume right now. This is slightly different from how things were looking yesterday, even though the entire top 5 of exchanges ranked by trading volume is only made up of fiat currencies. A solid trend for Bitcoin, that much is rather evident.
All things considered, this brief dip is doing the Bitcoin price some favors right now. Every new all-time high needs a small correction before the uptrend can be resumed. Even a near $400 dip is pretty insignificant when looking at the bigger picture for Bitcoin. With just a 2.53% loss over the past few hours, things are still looking pretty positive for the time being. It is only a matter of time until we see $6,000 again, and even $6,100 isn’t completely out of reach for later today.
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