Massive Bitcoin Price Drop After Reaching a new All-time high of $7,367

It has been a rather eventful day for the Bitcoin price, even though it is still early. A few hours ago, the Bitcoin price set a new all-time high of $7,367.85. A magnificent value, to say the very least, but it seems maintaining this point will be a lot more difficult than most people anticipate. In fact, the price has dropped by nearly $500 since reaching that point.

BITCOIN PRICE ALL-TIME HIGH AND SUBSEQUENT DIP

People who are new to the world of cryptocurrency world may be shocked to see the Bitcoin price drop so sharply after a new all-time high. Experienced veterans of Bitcoin trading will know this is pretty common, especially during times of major gains. The past 24 hours have been pretty significant for the Bitcoin price, to say the very least. It doesn’t happen all that often we see such a powerful wave of ups and downs in quick succession.

To be more specific, we started off the day with a Bitcoin price of $6,590. Over the course of the past few hours, this value rose spectacularly all the way to $7,341.84. This massive Bitcoin price gain can’t go on without any form of correction, which is to be expected. Then again, the sharp $450 dip wasn’t exactly what most people had planned either. Speculators will be quite pleased with such a dip, as it allows them to sell high and buy back in lower.

While Bitcoin price corrections happen all the time, this is a pretty big setback. In fact, one could argue the new all-time high Bitcoin price has been rejected, for the time being. As of right now, one Bitcoin is valued at $6,864, which is quite a long way from the recent all-time high. Then again, it was to be expected something like this would happen, thanks to profit taking, speculation, and people simply manipulating the price to make it suit their needs.

With the massively inflated Bitcoin trading volume, it will be interesting to see what the future holds. Overall, the Bitcoin price is still up by 4.52% over the past 24 hours, even though this percentage should be much higher. Over $4bn worth of Bitcoin has changed hands over the past 24 hours, which represents nearly half of all cryptocurrency trading volume during this period. Moreover, the Bitcoin Dominance Index is back above 61%, which is pretty significant.

Bitfinex is still the largest exchange by Bitcoin trading volume, although Bithumb is separating itself from the rest of the pack as well. bitFlyer completes the top three, and we have five fiat currency markets in the top 5 of exchanged ranked by volume. Pretty solid for Bitcoin as a whole, to say the very least. Whether or not this means we will see the Bitcoin price return to $7,000 soon, is a different matter entirely, though.

All things considered, it is important to remember the Bitcoin price reached a new all-time high again without too many issues.Maintaining that value is too difficult for now, although it seems like there will be a second attempt at successfully stabilizing above $7,000. For the time being, there will be some sell pressure to contend with, as a lot of people will cash out at the first sign of a retrace.