Bitcoin markets are still being divided as the run from Bitfinex continues. Whilst what used to be the leading bitcoin exchange suffers from a prolonged block of FIAT transactions, bitcoin traders are buying at a premium in an effort to cash out. This might be putting markets in an odd spiral that’s leading prices up universally in spite of the potential risk.
Major Signals
- With BTC/USD rates reaching above $1240 with back to back buy orders through the last trading session it’d be safe to say that the market’s sentiment remains positive.
- The probable motives behind the price rise are quite interesting yet the fact that the risk involved in Bitfinex’s current state is not to be dismissed.
- Prices are now settling below $1235 with bitcoin markets appearing to proport some resistance with sell walls above $1240 levels.
Bitstamp BTC/USD charts generally showcase that the market’s sentiment is remarkably positive for a time that the exchange leading the market might be going down, with its hot wallets being drained. Bitcoin prices are going through a rising pattern in spite of traders knowing how this could all end, with Bitfinex having an extremely bad track record when it comes to securing user funds and supporting their solvency.
OKCoin BTC/USD weekly futures charts showcase that traders are probably not counting on history repeating itself as the margin between futures rates and live BTC/USD rates somehow kept going down through the day. Whilst the improvement might not seem that great in size, futures markets have been following through positive developments with quite a bit of momentum, unlike what they used to be up until recently.
All in all, it’s worth pointing out that traders might be trusting that the worst has passed, yet issues plaguing markets persist. Signs of improvement would likely help prevent a price fall but would also stop prices from rising in such a manner.