While bitcoin trading volumes keep staying at high 24 hour levels for what traders had gotten used to through the rally, there’s been some decline from the peak observed a few days ago. Markets now seem to be succumbing to selling pressure a bit more easily as large sell orders rip through buy walls with more apparent influence.
- After reaching a peak at around $1880 levels, the price rise’s momentum was halted by the increase in selling pressure.
- It’s be a bit early to conclude that there might be a change in the market’s sentiment underway but sell orders are sure having more influence on bitcoin markets.
- It’s worth noting that prices are still above $1800 after the recent spike but support is depleting and BTC/USD came close to breaching this level earlier today.
Bitstamp BTC/USD charts make it clear that selling pressure is having more notable influence on price levels after today’s price rally continuation that kept pushing prices above $1800. It’s interesting to see how resistance is taking shape in the form of sell walls right after BTC/USD rates fell from a peak that seemed to be pushing prices closer to $1900 levels.
OKCoin BTC/USD weekly futures charts are indicative of how futures markets keep the estimates for potential outcomes conservative as the price keeps rising. Interestingly enough though, futures traders helped the spread between futures rates and live BTC/USD prices become smaller as futures rates kept rising while live prices were under pressure through the ongoing trading session.
All in all, while bitcoin markets don’t seem to be harvesting much support for current price levels, the break out from the ongoing rally surely doesn’t help traders be all bullish. The market’s momentum shouldn’t be considered lost though. Provided that prices are recovery from a fall following the decently sized upward spike observed recently, many traders are probably hopeful for more positivity.