Bitcoin Price Steams Ahead Toward $11,000 in Wake of Small Correction

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It is evident there is a very strong focus on the Bitcoin price right now. After some substantial losses over the past few days, it seems we have another uptrend forming on the charts. It is still too early to confirm we have an official push toward a new all-time high, though, as there is still plenty of resistance on the markets. Surpassing $11,000 once again will be a big challenge, to say the least.

BITCOIN PRICE MAY MOUNT A COMEBACK

The past few days have not been easy for fans of the Bitcoin price. After the massive price rush last month, it was a matter of time until an actual correction would set in. So far, the losses have been kept to a bare minimum, even though a $2,000 price difference is not something to dismiss by any means. Ever since this difficult time, however, things have started to reverse once again. Whether or not this is a temporary trend, remains to be determined.

Around 24 hours ago, the Bitcoin price barely surpassed $10,000. Given the latest correction, that is a pretty big victory in its own right. However, the Bitcoin price didn’t stop there, as the value spiked to $10,800 relatively quickly. After some minor pushback across all markets, the price started surging once again and successfully reached $11,300. This is a clear repeat of the momentum we saw affect Bitcoin not that long ago. Such massive gains in quick succession will always create more volatility, though.

It now seems the market is trying to push the Bitcoin price back below $11,000. Not an unexpected turn of events by any means, as the steep gains will result in profit taking along the way. Any decent portfolio gain will be cashed these days, as no one knows for sure if this bullish trend can be sustained for the remainder of the year. There are some positive developments in the financial sector to move things in that direction, but cryptocurrency markets never respond in a rational manner.

With over $6.8bn in 24-hour trading volume, Bitcoin is still a wrecking ball in the cryptocurrency world. Most people are forced to buy Bitcoin before they can diversify into some of the more prominent altcoins, which may explain some of this momentum as well. It is good to see this strong demand for Bitcoin, although it remains to be seen whether or not this will be sufficient to push the Bitcoin price even higher in the coming days and weeks.

While Bitfinex still dominates the exchanged ranked by trading volume, Bithumb is not giving up without a good fight. Both exchanges are $150m apart in terms of volume, which can easily be overcome with some effort. GDAX continues to trump bitFlyer for that third place, which is an interesting development to keep an eye on. Bitstamp is also making its way to the top five on a regular basis now. As is usually the case, the European markets barely make the top 20 right now, a situation that will not change anytime soon.

All of this positive Bitcoin price momentum has affected the altcoin markets as well. We see most currencies go up in value again, even though the Bitcoin Dominance Index is back at over 56%. The final few weeks of 2017 will be incredibly interesting for all cryptocurrencies, although there is no guarantee of future gains whatsoever. It is safe to assume most holiday discussions will touch upon cryptocurrency at one point or another.

Photo via Getty Images

Source: Themerkle