Bitcoin Price Gets Support as Spreads at Bitcoin Exchanges Remain

Bitcoin Price Gets Support as Spreads at Bitcoin Exchanges Remain

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Bitcoin markets might be under a situation where uncertainty is a driving force behind market movements but through the last trading session, the lack of notable developments is hard to miss. In so far, BTC/USD rates at Bitfinex have showed to be under quite a bit of selling pressure, yet prices in the exchange have remained above $1300 levels whilst the premium remains close to $100. At the same time, support seems to be forming at $1235 levels.

Major Signals

  • Volatility has also started to plague Bitfinex BTC/USD markets as withdrawal issues are still present at the exchange.
  • Bitfinex BTC/USD rates reached close to $1360 only to fall below $1330 in the last few hours after some strong selling pressure.
  • Traders are showing some support for the newly reached levels on other exchanges in spite of the long lasting problems behind the premium and volatility in bitfinex.

Bitstamp BTC/USD charts are indicative of how stable prices have managed to remain after the price fall through previous trading sessions. Traders managed to help support take shape at $1235 levels and ever since then a breach has yet to be observed. Additionally, it’s important to remember that the recent forming of support comes following a large selloff, the response to which somehow averted a potential bear market.

OKCoin BTC/USD weekly futures charts showcase the disconnect between futures markets and the current market sentiment among bitcoin traders. The spread between futures rates and live BTC/USD prices continues to be close to $100, as futures traders are probably prepared for the worse.

Overall, whilst some traders might really be preparing for the worst it’s interesting to see how markets unaffected by issues like the ones in Bitfinex are supporting current price levels. It’s likely that the outflow from the now troubled ex market leading exchange has caused traders to promote the previous market sentiment elsewhere as well. What’s uncertain however, is the market’s reaction to news from Bitfinex would unfold.