Order has been restored in the world of Bitcoin and cryptocurrency. After a few rough days, the world’s leading cryptocurrency is slowly seeing some positive momentum again. As of right now, the Bitcoin price is closing in on $5,700 again. It is the fourth time we will see an attempt to push the Bitcoin price above $5,850.
Bitcoin Price Momentum is Still in Place
Few people will be surprised to see the Bitcoin price make another run at surpassing $5,800 and potentially setting a new all-time high. All previous attempts this week have been short-lived in this regard, yet it appears to be a matter of time we see a solid new all-time high Bitcoin price trend. Ever since the BTC price hit $6,0000 briefly, people have been waiting to see it become the new floor.
To put this into perspective, we have seen the Bitcoin price surpass $5,800 twice in the past seven days. Both attempts were followed by brief to sharp retraces. A third attempt put the Bitcoin price at $5,791, which made it fall just short of the intended target. Ever since that third run, we have seen a major Bitcoin price correction pushing the price to below $5,200 in quick succession.
Ever since that low, however, the Bitcoin price has started to go up again. This latest trend is a bit slower and far more deliberate. Any gain is met with resistance, which is then brought up to create a new platform for future gains. So far, this tactic is working quite well, as it elevates the Bitcoin price to a current value of $5,691. A solid price gain of 6.94% over the past 24 hours, although there is still some way to go until we effectively reach $5,800 again.
Whether or not we will see that value again before the weekend, remains a big mystery for now. The 24-hour trading volume for Bitcoin is above $2bn once again, which should help move things along in the coming hours. At the same time, we have to keep in mind this volume represents both buys and sales, which means the momentum can head in either direction with a little bit of volume.
Bitfinex is still dominating all other Bitcoin exchanges based on volume alone. The company generates $325m in volume followed by bitFlyer with $181.7m and Bithumb with $171m. All three platforms are more than solid in this regard, as no other company comes even close right now. The entire top five is made up of fiat currency markets for Bitcoin, which is pretty solid, all things considered.
For the time being, cautious optimism is warranted as far as the Bitcoin price is concerned. Gaining a solid foothold at $5,700 will be the first big hurdle to overcome. Once that is in place, we may see some more upward momentum in the coming days. With the weekend almost upon us, it is impossible to predict what the future holds, as things usually change quite a bit during those two days.
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