It has been another eventful day in the Bitcoin price department. There has been some upward momentum,, a big dip, and a seemingly strong bounce shortly after.
In the end, the Bitcoin price hasn’t budged much compared to where it started this morning. That is not entirely abnormal as far as the world’s leading cryptocurrency is concerned.
The Promising Morning
When this morning came around, it seemed as if the Bitcoin price could go through a bullish spell. As the value rose from $7,325 to $7,530 in quick succession, there was some genuine optimism among traders.
It is not uncommon for the cryptocurrency prices to move up during this particular time period. That type of momentum tends to take place on a nearly basis, for some unknown reason. Unfortunately, this upward momentum could not be sustained very long, which isn’t too surprising either.
The Daily Bitcoin Price dip
A lot of negative market momentum has taken place in recent weeks. This is fairly evident where Bitcoin is concerned, yet it affects the alternative markets as well. Bitcoin is still down by nearly 22% over the past 30 days, further confirming the market continues to struggle.
When today’s dip occurred, the Bitcoin price dropped from $7,425 all the way to $7,216 in rather quick succession. Most experienced cryptocurrency traders aren’t too bothered about a $200 price difference, however, as it is rather common where the world’s leading cryptocurrency is concerned.
Signs of Recovery
As is usually the case, the dip doesn’t necessarily last all that long. As far as today’s Bitcoin price momentum is concerned, the situation started to improve shortly after the dip. A minor bounce to $7,250 resulted in the first signs of a potential bounce.
That potential was further confirmed as the Bitcoin price hit $7,350 again in the next few hours. It remains to be seen if that value can be sustained for more than a few hours on end. There is still plenty of market volatility to contend with, regardless of how things may look right now.