Selling pressure made BTC/USD rates dip, dropping below $1000 levels and down to $955 levels. The amazingly large sell orders that sent BTC/USD rates down to such levels were remarkably large for the setting trading volumes had contributed for. It’s no wonder that orders of that size impacted the market’s state heavily.
- In spite of some support having been established prior to the downward spike, $1000 levels were breached due to the size of the pressuring orders.
- The extent of the price drop can still be felt among bitcoin markets as it left bitcoin rates dangling to lower levels with no signs of recovery.
- Resistance seems to be growing along with support when it comes to buy/sell walls after the fall as the market still seems indecisive when it comes to following a certain direction.
Bitfinex BTC/USD charts make the size of the sell orders that shook up markets today apparent. Bitcoins worth millions of dollars were all sold at once, making prices drop from $1060 levels down to $955, in a move that could very well mark the end of the uptrend. While it’s not certain if the motivation behind this sudden move was a profit taking triggered by a large number of traders or mere large scale selling by a profiteering whale, the effect of the pressure has become obvious.
Futures markets are back to being pessimistic once again, a development coming only hours after futures rates almost reached $1100 levels. The downward spike sent OKCoin BTC/USD weekly futures rates trading even below prices in live bitcoin markets, although such a sentiment was not perpetuated for a good while.
Finalizing, it’s important to highlight how effective the recent downward spike was at affecting the market’s sentiment. Bitcoin markets are still having a hard time keeping prices close to $1000, with a recovery to such levels starting to feel unlikely.