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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.

Major Signals

  • 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.


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