After a pretty boring day for Bitcoin traders, it seems things are slowly turning around. More specifically, the Bitcoin price has risen by 1.45% over the past 24 hours, effectively pushing the value back to $5,938. It is only a matter of time until we see a price of $6,000 again. We can only hope the Bitcoin price will effectively stay above that value for quite some time to come.
Bitcoin Price is on the Road to $6,000 Again
Every time the Bitcoin price sets a new all-time high, it is only a matter of time until the price dips in preparation for the next leg up. We have seen such a retrace over the past two days, effectively pushing the Bitcoin price from nearly $6,200 to under $5,800 over the course of two days. This is to be expected, mind you, as the Bitcoin price often needs a brief correction before moving from all-time high to new all-time high.
Over the past 24 hours, we have seen some interesting Bitcoin price momentum. More specifically, the price has risen from $5,790 to $6,029 in a few hours. After that the Bitcoin price has been fluctuating between $5,840 and $6,075, indicating there is a lot more upward momentum to come in the next few days. Whether or not we will see a Bitcoin price of $6,100 again, remains to be seen, but there is no reason to think that won’t be a possibility whatsoever.
Moreover, Bitcoin is the first major cryptocurrency to effectively recover some of the weekend losses right now. All other top cryptocurrencies are still in the red as we speak, which is not a big surprise by any means. The past few months haven’t been too altcoin-friendly in general, except for a few currencies which effectively weathered the storm. It may take a while until this situation changes, although the SegWit2x fork may certainly shake things up quite a bit in this regard.
Additionally, the Bitcoin trading volume is still pretty strong right now. Just over $1.9bn worth of BTC has changed hands in the past 24 hours, which is a pretty solid number going from Sunday to early Monday. Bitcoin always seems to do a lot better when its trading volume is around the $2bn mark, which seems to hint at a positive Bitcoin price trend for the next few hours or even days.
Bitfinex is still destroying all other Bitcoin exchanges when it comes to trading volume right now. The gap with Bithumb and bitFlyer has shrunk quite a bit, though, as all three platforms generate over $168m in 24-hour volume. That is rather impressive, to say the very least, and it also highlights the growing demand for Bitcoin all over the world. Fiat currency markets dominating the Bitcoin trading volume is a positive sign that should not be ignored whatsoever.
All things considered, there are plenty of reasons to get excited about the Bitcoin price right now. A new all-time high may very well be around the corner for all we know. It is still too early to say for sure, though, but there seems to be a lot of positive momentum in the market right now. How all of this will affect the Bitcoin price – assuming it will do so to begin with – remains to be determined, though.
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