As the day progresses, we see more and more cryptocurrencies suffer from major losses once again. The main culprit is the Bitcoin price, which seemingly can’t catch a proverbial break right now. More specifically, the Bitcoin price has dropped once again in the past 24 hours, resulting in a decline of 4.77%. Although the value of one Bitcoin is still 1 BTC, the USD value is slowly dropping to $11,000 and potentially lower again.

Another bad day for the Bitcoin Price

Looking at the Bitcoin price for the past 7 days, it is safe to say there have been nearly a dozen ups and downs. Things started out decently a week ago, with an initial Bitcoin price of just over $11,500. Unfortunately, there is a lot of market volatility, which sends the market up and down on a regular basis. One silver lining is how the price has not dropped below $10,000 in the past week, but it is evident there is sufficient pressure on the market to reject a push to $12,000.

In fact, we have seen an attempt to push the Bitcoin price to $12,000 over the weekend. Unfortunately, that effort did not amount to any noteworthy success. While it seemed all cryptocurrencies were on the path to recovery again, the Bitcoin price has been pushed down to $11,500 last night and is now heading to $11,000 as we speak. This bearish attitude to Bitcoin also hinders the growth of alternative cryptocurrencies, creating a sort of domino effect on the entire market.

With the Bitcoin price now heading lower again, it is unclear what we can expect later today. Looking at the charts, it is evident such dips occur virtually every day, and they are usually followed by a sharp increase in value again. For now, it seems the Bitcoin price will remain stuck between $10,500 and $12,000 for quite some time to come. Anyone who has a bullish outlook on the short-term Bitcoin price may want to readjust their expectations rather quickly.

There are some positive statistics as well, though. Despite this current Bitcoin price decline, the world’s leading cryptocurrency still generates over $7.42bn in 24-hour trading volume. It is not the $10bn or more we have seen in recent weeks, but the volume is still more than respectable in its current form. Unfortunately, it does appear most of these orders related to selling Bitcoin rather than buying it. Trends like these can always reverse rather quickly, though, but for now, things look pretty bleak.

Surprisingly, neither Bitfinex nor Upbit are the leading exchanges ranked by trading volume right now. That honor falls upon OKEx, as their BTC/USDT pair is off the charts today. Although the gap over Bitfinex is just $40.8m, it will be difficult for the USD market to catch up today. Upbit is also positioning itself as the leading Korean cryptocurrency exchange in terms of trading volume. Bithumb isn’t even in the top 10 anymore these days, which is somewhat surprising.

Looking toward the future, it is a bit unclear what comes next for the Bitcoin price. Any positive momentum is quickly squashed, yet there isn’t sufficient negative pressure to push the price below $10,000 either. This period of “sideways trading” will probably continue for a while longer. At the same time, cryptocurrency markets are inherently volatile and unpredictable. Making accurate Bitcoin price predictions has always been difficult, and the year 2018 will be no exception in this regard.