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While bitcoin markets stopped riding on the confidence promoted by the dominant buying pressure throughout preceding trading sessions. In so far, after a low point slightly below $1170 levels, BTC/USD rates peaked close to a $1220 price point in the recent houts. Whilst selling pressure had a presence through the day, no downturn took place as prices quickly recovered and are keeping close to $1220.

Major Signals

  • BTC/USD markets are distinctively affected by selling pressure, and whilst trading volumes have dropped a recovery didn’t seem easy
  • Prices did recover above $1200 after selling pressure pushed BTC/USD rated down below $1270 levels, yet the market’s sentiment isn’t close to being bullish
  • Resistance seems to be shaping up at levels above $1220 whilst support for current levels remains weak

Bitfinex BTC/USD charts are showcasing how markets managed to get out of the bearish market sentiment through back to back buy orders. However, buying pressure seems to have started being exhausted after a certain point. A more major development would be needed to break through resistance levels even at current trading volumes, and traders might be losing confidence as the lack of support could lead to a price fall once again.

OKCoin BTC/USD weekly futures charts are featuring a divide that has only grown through the last trading session. Futures traders might be increasingly pessimistic after seeing that support has a hard time forming around current levels. Additionally, volatility has kept making recoveries seem futile.

Overall, the market’s ability to recover after such bearish signals is remarkable but the frequent breach of support traders experience through the last few days isn’t quite helpful. Confidence is surely not as great as it used to be some days ago, and a price rise has kept seeming increasingly unlikely with volatility reaping markets like that. Yet, a more significant upward swing wouldn’t be unlikely provided that the recent recovery showed such potential.

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