Bitcoin markets are driven by a sentiment that keeps on improving its positivity. Whilst a downward price spike might have caused a drop in BTC/USD rated back in February the 3rd, yet the price hasn’t dropped below such levels ever since.
- Selling pressure might have been exhausted throughout preceding trading sessions that were a bit more bearish.
- BTC/USD met resistance at $1040 levels yet with its current momentum breaking through it wouldn’t be surprising.
- Ever since the peak of $1040 was hit, BTC/USD has been settling around $1030 levels, in an outcome that is to be expected following an upward spike like the more recent one.
Bitfinex BTC/USD charts are indicating that what the market was waiting was a continuation to the bullish pattern leading it through the rise. Whilst the follow up to the downward prior to today’s trading session wasn’t particularly bullish, at least prices kept above $1000. Selling pressure is sure still a major factor in the current market setting but the current market sentiment surely favors rising prices.
Futures markets are also keeping up in terms of maintaining positivity. As one would notice in the above OKCoin BTC/USD weekly futures chart, futures traders weren’t daunted by the inability of live BTC/USD markets to break through $1040 levels and have maintained a more positive sentiment in futures markets ever since the peak. It’s apparent that traders are setting high hopes for possible outcomes of how far this rally could go.
In the end, it’s important to note that the current price rise is happening through a time with relatively low trading volume in comparison to past price rallies -especially compared to the previous major one, ending at the beginning of January- so the market’s sentiment this time around has to be playing a more important role if the rising is organic. There’s obviously support for prices around $1000 but it’s up to question how long such levels could be sustained for.