Bitcoin Price Keeps Recovering from Drops Bellow $775 Levels

Bitcoin Price Keeps Recovering from Drops Bellow $775 Levels

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Several large sell orders have lead BTC/USD rates to levels below $775 levels throughout this trading session. With selling pressure doesn’t seem strong amid the current market sentiment, such sell orders are so far being countered with swift recoveries.

Major Signals

  • The expected volatility is so far receiving a harsh treatment, as neither of the two has managed to push the price to levels close to ones prior to the recent rally.
  • Post rally support levels seem to be forming near $770, a level that hasn’t been breached in spite of huge sell orders in BTC/USD markets in the last few days.
  • Buy walls are still outweighing sell walls amid large volumes, yet there seems to be some resistance at $780. Although it wouldn’t be unlikely another break through it with such a market sentiment.

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Bitfinex BTC/USD charts make it apparent that traders won’t give into a bearish outbreak, with large with large downward movements being mer with swift recoveries caused by back to back buy orders. Buying pressure at the current period of time is by far greater than selling pressure. That’s something that indicates a long-lasting shift in market sentiment, at least in comparison with previous trends.

So far, this rally has been successful in receiving a kind welcoming by traders. Moreover, the momentum doesn’t seem to be slowing down significantly in the most recent trading session, with BTC/USD rates even flirting with $780 once again.

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Futures market are back on track at being optimistic once again, although slightly. All this in spite of downward spikes caused by bulk selling in live BTC/USD markets being more severe. While OKCoin’s BTC/USD weekly futures market seems to have peaked at $788, it still recovered above $780 after the more recent downward spikes.

Overall, the rally still has a great momentum, in spite of it not being as great as in the beginning. A breach of support at $770 levels hasn’t happened since the rally begun, but such an event would surely cause some damage.

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