As is customarily the box during the weekend, there is very little sparkling news to news on when it comes to cryptocurrency prices. Everything is in the red once again, as Bitcoin struggles to find fast support above $12,000. With a Bitcoin cost of $11,949 at the time of writing, we are looking at a 6.35% decrease over the past 24 hours. Whether or not this trend will retreat again anytime soon, stays to be determined.
Bitcoin Price Struggles are not Over Just yet
The year 2018 has not been off to a good start as distant as the Bitcoin price is concerned. In fact, it has been rather cryptic in many different ways, especially interjection to the slow technical issues. Moreover, we have not seen the Bitcoin cost uncover any pointer of fortitude nearby the $12,000 spin whatsoever. Any try to go above this value is always deserted sincerely quickly, even though the Bitcoin cost strike $14,4000 not that long ago.
Over the past 7 days, we have seen some engaging Bitcoin cost changes. On Jan 15th, we had a Bitcoin cost of $13,400, which was eventually followed by a discerning arise to $14,400. In the past few days, this cost took a high dump all the way down to $9.600. Ever since that time, we have seen the Bitcoin cost sojourn stranded subsequent $12,000 for most of the time, notwithstanding some bullish movement pulling the value to over $13,000.
It is a bit misleading what all of this means for the long-term Bitcoin price, though. After the all-time high of over $19,000 a few weeks ago, things have positively taken a spin for the worse. It is rarely puzzled we will see such a high Bitcoin value anytime soon, nonetheless the indeterminate inlet of cryptocurrencies has a bent of startling a lot of people. Most experts sojourn bullish on the Bitcoin cost long-term, but it is clear there is too much disastrous view in the markets as well.
If there is one certain thing to take divided from the Bitcoin cost woes, it is how the 24-hour trading volume is above $10bn most of the time. That in itself is rather remarkable, and it shows there is really a flourishing direct for Bitcoin and other currencies as well. With $10.4bn in the past 24 hours, no one will repudiate the direct to buy and sell Bitcoin is still very strong, even during the weekend.
Most of the Bitcoin trade volume originates from the Upbit platform, which is a rather engaging development. OKEx is in second place with their BTC/USDT pair, which is another intriguing spin of events. Bitfinex completes the tip 3 with their BTC/USD pair. Further down the line, we see bitFlyer tighten in on Bithumb in terms of trade volume, and GDAX hardly stays in the tip 10 as of right now. It will be engaging to see what the destiny binds in this regard.
For now, we will have to wait and see what the subsequent few weeks move in terms of the Bitcoin price. More specifically, the stream opinion is rather negative, as we might see another vital dump to $10,000 a lot earlier than people expect. At the same time, the movement can do a finish 180 tomorrow and the Bitcoin cost might try to mangle the $14,000 insurgency once again. Cryptocurrency markets are flighty and indeterminate and that conditions will probably never change.