Bitcoin markets are reaching close to the high reached earlier within February. However, the market’s response after the price hit $1070 hasn’t been particularly positive so far. It might be that certain traders were waiting for such a signal to unleash their selling potential, or it could be that that the lack of support has allowed for bearishness to finally poke holes through the positivity.
Major Signals
- While volumes are considerably low for a day that resistance levels are coming close to breaking support didn’t seem to be there
- Relatively weak selling pressure kept pushing bitcoin’s price down further right after BTC/USD rates touched above $1070
- In the last few hours selling pressure seems to have gained quite a bit of strength as the market’s sentiment indicated that support wasn’t going to come up at such levels.
Biftinex BTC/USD charts showcase what looks like a small downturn which seems to have come as a follow up to the market’s break through resistance levels established earlier this month. Bitcoin seemed to have been riding on a price rally yet BTC/USD just didn’t stay above $1070 when the market broke above such prices.
Futures markets are also following a pattern surprisingly similar to live BTC/USD markets lately. The fact that futures traders are following movements of live markets so closely are certainly indicative of how uncertainty is becoming more widespread. At the same moment futures are trading at rates lower than live prices, futures traders aren’t exaggerating negative price swings. This could be indicative of how traders might be expecting better from the market.
In the end, the recent developments could certainly be considered a halt to the uptrend, but the response to strong selling pressure that only recently came up was somewhat swift and goes to show that there might be at least some support. Yet at the same time, resistance has been growing so only a followup with strong buying pressure could help prices go back to rising.