Order has been restored in the world of cryptocurrency as the Bitcoin price is back on track right now. Thanks to a solid 3.61% gain over the past few hours, we’re now looking at a Bitcoin price of $5,750 again. It was to be expected the Bitcoin price would mount a strong comeback today, as the losses suffered over the weekend after often recovered on the next Monday.
Bitcoin Price is Back on Track
No one can deny the expected Bitcoin price correction has paved the way for a new all-time high to be achieved in the coming days. Although the drop to almost $5,500 wasn’t entirely unexpected, some people got queasy because of it anyway. Corrections are a natural evolution in the world of finance, as they often solidify a new platform of support before the next leg up. In the case of the Bitcoin price, that support seems to hover near the $5,500 mark for now.
That doesn’t mean the Bitcoin price will never drop below $5,500 again, mind you. While that may appear to be a stable floor, for the time being, speculators and manipulators can ensure the $5,500 level won’t last long if they effectively concentrated their dumping efforts. For now, it served its purpose, though, and eventually allowed the Bitcoin price to return to $5,747 as a result. A healthy bounce in the right direction again, that much is certain.
With the Bitcoin price slowly inching back above $5,700, the big question becomes how things will evolve from here on out. It is certainly possible we will see another attempt to breach $6,000 but things may enter sideways trading motion for some time as well. The year 2017 has been exceptionally bullish for Bitcoin already as we speak, and one shouldn’t get too greedy either. However, the momentum is in place for a new all-time high before the year is over, that much is pretty evident.
Thanks to nearly $2bn in 24-hour trading volume, there is no reason to be concerned over the Bitcoin price right now. There is still enough market volatility to make things somewhat tense, although a major sell-off is not necessarily on the horizon. Then again, a price difference of $200 or more has become a nearly daily occurrence for Bitcoin as of late, and the next dip or jump may be just around the corner for all we know.
Once again, Bitfinex is leading all exchanges when looking at the rankings based on trading volume. Its volume is twice as high as bitFlyer, which has briefly surpassed Bithumb for the time being. This competition between Japan’s and South Korea’s leading exchange is pretty interesting to keep an eye on, although no one knows for sure how things will evolve in the coming hours. Everything looks pretty solid for Bitcoin right now, but things can always change on a whim’s notice.
All of this goes to show the global demand for Bitcoin is still intact. Any dips sustained during the weekend are often a temporary setback unless a major crash would have occurred. Dropping down to $5,500 is next to nothing as far as the Bitcoin price is concerned these days. Solid momentum will eventually push the price to $6,000 and potentially even higher. When that will happen, remains anyone’s best guess, though
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