These are very exciting times for Bitcoin price speculators. With the world’s leading cryptocurrency recovering some of its initial losses in recent weeks, the expectations are quite high. Those expectations were almost shattered yesterday, as the Bitcoin price dipped below $8,800. However, thanks to the solid support, that value has now risen above $9,200 once again.
BITCOIN PRICE VOLATILITY WORKS BOTH WAYS
It is not hard to see why people often criticize the volatile Bitcoin price. In most cases, these discussions arise when Bitcoin loses value in quick succession. Yesterday was an interesting example, as the Bitcoin price dropped from $9,740 all the way to $8,730 in quick succession. Some speculators assumed the bear market would come into effect again, but it seems things are working out quite well for Bitcoin.
People often tend to forget price volatility can work in both ways. After this steep Bitcoin price dip, the upward trend following it was pretty volatile as well. As a result, the Bitcoin price regained just over $500 in a matter of hours. While such price swings are still rather worrisome for most investors, it doesn’t appear to affect Bitcoin in a negative way whatsoever.
Thanks to these solid gains, we now look at a Bitcoin price of $9,290. This is a solid 5.45% gain compared to just 24 hours ago. Given the recent significant uptrend the Bitcoin price has seen, a brief correction and dip were to be expected. With no long-term implications to speak of, it is safe to say the uptrend may very well continue over the weekend. Reaching $10,000 may not be feasible, but $9,500 isn’t out of the question.
As one would come to expect, the Bitcoin trading volume has held its own quite well. With $8,28bn in 24-hour volume, the demand to buy and sell Bitcoin is earnest. For now, the buyers seem to control the market, but as we have seen yesterday, that situation can change fairly quickly. With the weekend almost upon us, interesting changes may be on the horizon, for better or worse.
Bitfinex struggles to maintain its top position in the volume rankings. As of right now, the exchange claims the third spot, following OKEx and Binance. It doesn’t happen all that often USDT pairs generate more Bitcoin trading volume compared to fiat currency pairs. Whether or not this is a bad thing, is difficult to determine. It certainly shows Tether is still a very popular project in general.
For the time being, it seems the Bitcoin price trend will remain positive. However, there is always a chance things will turn bearish in the blink of an eye. Returning to the previous all-time high Bitcoin price will not happen anytime soon, but these markets remain very unpredictable first and foremost. Anything can happen where the Bitcoin price is concerned, but for now, the overall trend remains pretty positive.