Bitcoin markets are still adapting to the post-rally scene but the market’s mood keeps swinging from one direction to another without much regard to outside signals. Traders don’t seem to be entertained by price movements as trading volumes have only kept dropping in the last few days.
Major Signals
- Bitcoin’s price kept dropping until it fell down to $980, with buying pressure seemingly unable to exhaust resistance up to this point.
- The recovery from the most recent drop seemed to be followed by a response of back to back buy orders, pushing the price up to $918.
- This upward spike was followed by a quick correction, settling the price closer to $910 levels.
As trading volumes wear off through time, the market’s sentiment remains relatively bearish as exhausting selling pressure with such resistance keeps feeling harder. The market might have moved away from sideways trailing yet the direction it’s going to follow only seems more uncertain now.
The above Bitfinex BTC/USD chart is indicative of how swings at any direction are quickly countered. The current pattern might look volatile but BTC/USD rated pass from the same points so frequently that the course of this trading session gives an eerie feeling of a sideways trading trend.
OKCoin futures traders appear to be less indecisive when it comes to counting on a certain direction the market could follow. For the first after a couple of overly bearish trading session, OKCoin BTC/USD weekly futures chart don’t feature numerous during which futures market rates were lower than live BTC/USD ones.
This slight improvement in the market’s sentiment might be pointing towards an improvement in the overall mood and expectations. Traders were certainly taken by surprise by the sudden “fall from grace” experienced through the rally’s end, but the “safeguarding” from further falls throughout the last few days might be indicative that traders could be ready to welcome another rise in bitcoin’s price.