It has been pretty difficult to make sense of the cryptocurrency markets throughout most of 2018. That situation will not improve in the near future either, although there are a lot of opportunities waiting to be explored as of right now. One remarkable trend is how the Bitcoin price, while still suffering from downward momentum, seemingly refuses to drop below $6.500 as of right now.
The Bitcoin Price is Preparing for a Boost
As has become quite evident throughout most of 2018, there is little to no positive market momentum to take note of right now. This is only normal, as everything is tightly correlated to the Bitcoin price. Anyone who paid attention to this particular market will have noticed things are not necessarily looking all that great for the world’s leading cryptocurrency.
Even so, there are some interesting things people should effectively take note of moving forward. Over the past week, there has been plenty of negative Bitcoin price momentum. Even so, the Bitcoin price is not going down below $6,500 as of right now, which is some sign of hope This doesn’t mean that level of support will not be broken eventually, though, but for now, it seems to hold up quite well.
As of right now, the current Bitcoin price of $6,752 is still in place, although a leg up to $7,000 would certainly be appreciated. We saw similar momentum late last week, yet the new price could not be held onto for that long. Instead. the Bitcoin price dropped by another $450 out of the blue, a sit seems people are more than content to keep the Bitcoin price down for quite some time to come.
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Another positive aspect is how the Bitcoin trading volume seems to remain steady around the $4bn mark. Although we would all like to see things improve in this regard, more volume at this point would undoubtedly lead to even more speculation moving forward. It is still a long way removed from the $15bn we used to see a few months ago, but one has to take the good with the bad in this industry.
Looking at the cryptocurrency exchanges generating the most Bitcoin volume, Bitfinex continues to dominate the market with its USD market. We also see OKEx in the top three, followed by two Binance trading pairs. Upbit completes the top five, but not with this KRW pair. Instead, its XVG/BTC pair is generating so much volume, it almost dwarfs the KRW market. An interesting correlation between the different cryptocurrencies, that much is evident.
For the time being, it is unclear if the Bitcoin price can remain above $6,700 for a while. It has become evident there is still a fair amount of bearish pressure on the market, although we may see some positive action in the hours to come. With the Bitcoin price decline slowly coming to a halt, some interesting things are bound to happen in the cryptocurrency industry at some point. Whether or not that can effectively happen in the hours to come, remains anybody’s guess as of right now.
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