Bitcoin Price Looks to Build Solid Support at $5,700 – The Merkle

Order has been restored in the world of Bitcoin and cryptocurrency. After a few rough days, the world’s leading cryptocurrency is beginning to see some positive momentum. As of right now, the Bitcoin price is closing in on US$5,700 again. It is the fourth time we have seen an attempt to push the Bitcoin price above US$5,850.

Bitcoin Price Momentum is Still in Place

Few people will be surprised to see the Bitcoin price making another run at surpassing US$5,800 and potentially setting a new all-time high. All previous attempts this week have been short-lived, yet it appears to be a matter of time before we see a solid uptrend. Ever since the BTC price hit US$6,000 briefly, people have been waiting to see that price level become the new floor.

To put this into perspective, we have seen the Bitcoin price surpass US$5,800 several times in the past seven days. The first two attempts were followed by sharp retracements. A third attempt put the Bitcoin price at US$5,791, falling just short of the intended target. Ever since that third run, we have seen a major Bitcoin price correction pushing the price to below US$5,200 in short order.

Ever since that low, however, the Bitcoin price has started to go up again. The latest trend has been a bit slower and far more deliberate than prior ones. Any gain is met with resistance, which is then brought up to create a new platform for future gains. So far, this tactic is working quite well, as it’s elevated the Bitcoin price to a current value of US$5,691. That’s a solid gain of 6.94% over the past 24 hours, although there is still some way to go until we reach US$5,800 again.

Whether or not we will see that value again before the weekend remains a big unknown for now. The 24-hour trading volume for Bitcoin is above US$2 billion once again, which should help move things along over the coming hours. At the same time, we have to keep in mind this volume represents both buys and sells, which means the momentum can head in either direction with a little bit of volume.

Bitfinex is still dominating all other Bitcoin exchanges based on volume alone. The company has generated US$325 million in daily volume followed by bitFlyer with US$181.7 million and Bithumb with US$171 million. All three platforms are more than solid in this regard, as no other company comes even close right now. The entire top five are comprised of fiat currency markets for Bitcoin, which is pretty solid, all things considered.

For the time being, cautious optimism is warranted as far as the Bitcoin price is concerned. Gaining a solid foothold at US$5,700 will be the first big hurdle to overcome. Once that is in place, we may see some more upward momentum in the coming days. With the weekend almost upon us, it is impossible to predict what the future holds, as things usually change quite a bit during that part of the week.