Bitcoin markets were eager to support a recovery above $1000 with selling pressure so far failing to cause another price drop below such levels. BTC/USD rates are now settling slightly below $1050 after having dropped to a low of $1010 during today’s trading session. So far, the decline from high trading volumes has perhaps brought ease in terms of reducing selling pressure.
- Large sell offs are for one being responded with swift recoveries as the decline in selling pressure has brought back some balance in markets
- Whilst selling pressure is still playing big role amid the current market sentiment, it’s effectively countered by current buying pressure
- BTC/USD rates seem to be headed back to the post-fall peak as prices appear to be climbing close to $1050 again
Bitfinex BTC/USD charts are indicative of how markets are still volatile after attempts for a more extensive recovery so far being unsuccessful. What’s noteworthy about today’s trading session through, is that there finally seems to be some balance in bitcoin markets as buying pressure once again seems to be a core contributing factor to battling the bearish mood established after the recent price fall.
OKCoin BTC/USD weekly futures charts continue to follow up close to live BTC/USD rates. Futures traders are probably more confident after bitcoin prices managed to swiftly climbe back above $1000 levels and stay there till now. For what futures traders had gotten used to, it almost feels like a breath of fresh air to see futures traders measuring their reaction to negative developments only to follow through upward swings normally.
All in all, it’s good to know that markets didn’t stay into panic mode for long after the crash. If the recent recovery continues battling through selling pressure support could also form sooner or later. So far through, the strength of selling pressure traders have had to deal with hasn’t made this easy.