A couple of bullish buy orders appear to have pushed BTC/USD rates above what had previously been dubbed as a resistance level. This is the first time bitcoin’s price reached above $1000 in such a fashion after the price fall and the lack of resistance is remarkable. Perhaps the market’s support preventing the price from dropping further did indeed echaust selling pressure.
Major Signals
- Bitcoin prices seem to have easily been pulled out of the bearishness established through preceding trading sessions.
- Trading volumes remain at levels close to the ones reached through recent trading sessions yet selling pressure seems to be having less of an effect on the price.
- Bitcoin prices appear to be settling above $1010 after the upward spike had a somewhat positive reception from bitcoin traders.
Bitfinex BTC/USD charts are indicative of how even strong selling pressure failed to overturn the recovery that started through a few large buy orders pushing bitcoin’s price up. Right after the price rise was met with resistance below $1020 price levels, a large sell order was filled momentarily pushing bitcoin’s price back to $995 price levels, yet the recovery was swift enough to make this spike feel like it never happened.
Futures markets aren’t exactly riding on the optimism live BTC/USD markets seem to harness following the upward spike, at least not yet. However, it’s important to highlight that the negative margin between live markets and OKCoin BTC/USD weekly futures shrunk significantly after today’s recovery.
Overall, it’s now clear that the market kept showing support for levels close to $1000 levels waiting for some positive development to follow up on. As selling pressure was being exhausted, bulls managed to pull BTC/USD markets out of some long running negativity easily just today. Bitcoin traders would only need to come up with some additional support to help promote a more positive mood across bitcoin markets from here on.