Bitcoin prices are seeing a fall greater than 6% within this trading session, with selling pressure once again becoming a major factor in the market. Price levels above $1100 didn’t seem to remain sustainable for long as few sell orders pushed BTC/USD rates below them, with largest sell orders influencing markets only hours after the breach.
- Markets appear to have given in a bearish takeover after the failure of the recent recovery to be sustained at decently high price levels
- Traders were instantly alerted by selling pressure as even the slightest downward swing appeared to be having a more major follow up until recent hours
- Bitcoin prices are now settling around $1030 levels after the recent fall sent prices well below levels it had recovered to
Bitfinex BTC/USD charts are showcasing how strong selling pressure was as it returned back to being a major factor in markets. With trading volumes remaining high, selling pressure effectively managed to blow through any support. Whilst bitcoin markets don’t make such major price drops seem unusual in the last few days, the latest one goes to show that BTC/USD markets clearly weren’t ready to support the recent recovery.
OKCoin BTC/USD weekly futures charts are now trading closer to live BTC/USD rates after the predictions of most futures traders about the sustainability of the recent recovery came close to being true. For now, futures markets seem to be following through movements of live markets with a stable margin, which in spite of having shrinked in size remains negative.
All in all, resistance and selling pressure have once again gotten the upper hand in bitcoin markets. It seems as though bearish traders were expecting even the slightest signal that the recent recovery wouldn’t push prices up any longer to begin taking profit, a development that goes to show that the market’s sentiment could remain bearish for quite a while.