Bitcoin Price Keeps Rallying Above $1050

Bitcoin Price Keeps Rallying Above $1050

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Bitcoin markets keep being particularly bullish in the recent trading sessions. It only took a few hours for BTC/USD rates to reach above $1050 after resistance levels were hit at prices around $1047 levels. From there on, buying pressure seems to be outpacing selling pressure. However, support didn’t come up right away, this way allowing large sell orders to pierce below $1050 levels. Yet, BTC/USD rates have reached above $1060 since then.

Major Signals

  • Bitcoin markets once again appear to be under the influence of a bullish overturn, as the price shot up only after a few hours with lack of positive activity.
  • The initial signal pushing the price above $1050 was initiated by a price spike caused by large by few orders.
  • The market’s reception is particularly positive, responding to the rise with further positivity and back to back buy orders breaking through resistance at higher levels.

Bitfinex BTC/USD charts are indicative of how the lack of positive activity in bitcoin markets is now followed by an overflow of positivity. With positive developments receiving even more developments pushing the price up in response. It all seems like resistance levels can be chewed through before even being formed.

At the moment, the new resistance level appears to be at $1065 given that bitcoin prices kept rising just until price levels below this price point were reached. Selling pressure hasn’t been absent throughout the rise, it’s just that it’s lacking when compared to factors pushing the price up. The new resistance could be easily surpassed under the current market sentiment but provided that large spikes were also caused by sell orders today, bullish buy orders could help.

Futures traders are keeping up the positive spirit that was established through futures markets through the last few days. As seen in the above OKCoin BTC/USD weekly futures chart, the positive margin between live markets and futures prices is still there, something that is loudly signaling a great market sentiment.

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