Bitcoin Price Remains Above $1000 in Spite of Strong Resistance

Bitcoin Price Remains Above $1000 in Spite of Strong Resistance

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Bitcoin prices have so far managed to stay above $1000 in spite of selling pressure making a slight return into markets through the last trading session. BTC/USD rates reached a top price above $1060 but have since fallen to significantly lower price levels amid a market sentiment dipped into volatility.

Major Signals

  • Bitcoin prices appear to be entering a circle of volatility after markets reached a top price slightly above $1065 yet failed to break further away from resistance
  • Prices have since fallen but trades are on a rising trail after underlying support kept prices above $1000 in spite of the pressure
  • $1010 seems to be the support levels identified today yet selling pressure observed throughout the day seems to have enough momentum for a probable breach

Bitfinex BTC/USD charts are quite indicative of how traders were swift to drive prices away from a further price fall. Current trends indicate that whilst resistance at higher levels appears to be quite strong, underlying support for price levels above $1000 has also taken shape. However, as the market drove away form a further price fall, resistance is also strong from the moment BTC/USD rates peaked earlier within this trading session.

OKCoin BTC/USD weekly futures charts still showcase a bearish mood. The fact that bitcoin markets managed to prevent a more major price fall didn’t entertain futures traders as futures rates are still holding a divide between live BTC/USD rates. The distance might have shrunk in the last few hours, with prices showcasing a recovery, yet the margin is still there at large.

Overall, the market’s sentiment appears to have broken away from the exaggerated bearishness. This certainly is a positive development for the price’s future potential yet with volumes remaining high the market would need to wait for a more major development to break away from the long term bearish mood.