A bit of bearish pressure can always materialize in the world of cryptocurrencies. Especially during the weekend, one never knows in advance how the markets might swing. Today, it seems the Bitcoin price is taking a rest day and is willing to sacrifice some of its recent gains in the process. No big drop is expected at this time.
Bitcoin Price Drops Below $5,700 Again
After setting a new all-time high for 2019 just yesterday, the value of Bitcoin must now contend with minor bearish pressure. It is difficult to determine if traders are simply cashing out profit or the market trend is showing signs of a long-term reversal. Either way, the price has dropped below $5,700 again, yet there is no indication the losses will continue to pile up as the weekend progresses.
Over the past 24 hours, the Bitcoin price lost 1.57% in value. That is a bit surprising to some, albeit a rather expected turn of events for most veterans. A minor dip like this will not trigger a panic sell moment by any means, as it gives speculators another chance to stock up on BTC below $5,700. That is, assuming they believe the price will rebound and go higher sooner or later.
Regardless of how the current market trend may look, there will always be people who remain very bullish. Bitcoin Pizza is a very interesting account in that regard. This user expects an upward price potential that could hit $2m at some point, which would make the current price look like peanuts.
https://twitter.com/crypto_everyday/status/1124747153216344064
Bully the Bear, on the other hand, is not necessarily convinced this bullish momentum will remain in place for much longer. Depending on how the coming hours play out, there might be a very steep drop to $4,500. That is not something traders and enthusiasts would like to see happen, albeit there is nothing one can do about it if that trend were to materialize.
$BTC breakdown on 4hr chart of recent structure… High possibility of a final wick.. otherwise we shoot down to 4,500 from here..#BTC #btcusd #bitcoin #bitcoinnews pic.twitter.com/Ee1tiIgOIo
— Bully The Bear (@Bully_TheBear) May 4, 2019
Eduard shares a rather interesting tidbit of information. Someone who claims to have obtained episode 4 of Game of Thrones information is asking a 0.5BTC fee from interested parties to share said information. It seems a rather fishy offer first and foremost, yet there will always be people who fall for such potential scams.
https://twitter.com/eduard_btc/status/1124745747260432386
All in all, the current Bitcoin trend is nothing to be overly concerned about. As some of the losses have been recouped already in quick succession, it is unlikely this is the beginning of a bearish trend. Some minor pushback over the weekend is rather normal for cryptocurrency markets.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.