The past few days have yielded plenty of volatile bitcoin price momentum. Even today, it remains to be determined what the future will hold for the world’s leading cryptocurrency.
Bitcoin Price Momentum Remains on the Bubble
Given how the bitcoin price has evolved throughout the week, one would expect traders to be happy with how things are going. That is not necessarily the case, as the current price level cannot be sustained. There is still a lot of uneasy pressure on the bitcoin market today, for reasons unknown.
Even today, there is still a minor amount of bearish pressure to contend with. It has pushed the Bitcoin price to just above $7,150. Some traders expect this to be a new support level, but that isn’t necessarily the case. If this level is to be sustained, things can get very interesting in the very near future.
This week has been very brutal for the world’s leading cryptocurrency. Despite hitting $7,297 earlier in the week, the bitcoin price dropped to $6,476 in very quick succession. These ups and downs are nothing new by any means, but the volatile trends are not what people had hoped for at the end of 2019.
Overall, the bitcoin trading volume looks pretty decent. With over $10.2 billion in trades, there is plenty of demand to move BTC back and forth at the current price level. That volume might not be sufficient to keep things going, albeit it is still too early in the day to draw any real conclusions in that regard.
Most of the trading volume originates from USDT trading pairs. That has become somewhat of a trend among all cryptocurrencies this week. For bitcoin, the top exchanges are HotBit, Coineal, Coinbene, Bhex, and Bilaxy. Not necessarily the names one would expect to see, but that is the card traders are dealt today An interesting aspect is how 14 out of 15 top trading pairs are linked to USDT right now.
The current bitcoin price momentum is very difficult to gauge. According to the CIX100, , there are strong sell signals for most currencies, which is not a good sign. It doesn’t provide sentiment for bitcoin itself, unfortunately. On Tradingview, the technicals certainly lean toward selling, rather than buying.