BTC/USD markets seem to have started moving rates up again. With a slight rise in daily trading volumes the market’s sentiment might be taking a more positive overturn. For what’s probably the first significant price spike in days after the dip, bitcoin markets are showcasing that there’s hope for a more extensive recovery.
Major Signals
- Bitcoin’s price for once started moving with back to back buy orders pushing up the price, crashing resistance.
- The rise of BTC/USD rates was only met with notable resistance at $890 as it has since backed down closer to $880 levels.
- $900 is to be perceived as the new resistance level, a breakthrough which would signal a reaffirmation of an overturn.
Bitfinex BTC/USD charts make it clear that breaking the ice among such trading volumes wasn’t hard in spite of the resistance being present. Reaching back at $900 might not be particularly easy as resistance at higher levels seems stronger but getting close feels like it almost happened in a snap.
It might be too early to signal a shift in the market’s sentiment yet but the fact that no resistance bothered the recent rise is most definitely noteworthy. In spite of the bearish correction, with gigantic trading volumes pushing bitcoin’s price down from rallying levels, the lack of resistance to the recent recovery goes to show that traders have not lost faith.
Futures markets also appear to have dumped the pessimism at some point. As seen in the above OKCoin BTC/USD chart, futures rates peaked surprisingly close to live BTC/USD rates and have since remained at similar margins. It’s plain obvious that the wake up signals traders were looking for was a decent recovery. For now, futures might be trading below live rates, but recent events indicate that there is a platform for this to not last for long amid a more positive market mood.
Overall, the market’s bearish sentiment has certainly fallen back and the outlook is definitely not as pessimistic as in previous trading sessions. Even though judging potential outcomes from the start of this very recovery could prove futile given that selling pressure could be looming around, upward movement should certainly be perceived as progress achieved after the post-rally dip.