Bitcoin’s value appears to be surging close to all time highs in a rally that seems to be surprisingly prolonged. The market’s sentiment is back at being bullish while BTC/USD markets.
Major Signals
- Selling pressure continues being outmatched by buying orders as BTC/USD markets are once again bullish in spite of trading remaining close to the ones of previous trading sessions.
- The ongoing rise follows a price drop down to $950 levels and in spite of this great recovery taking shape from multiple back to back buy orders, a large one pushed the price above $1000 levels only for the market to continue the rise.
- The market’s sentiment is surprisingly bullish, as in spite of a significant break through resistance taking place the price has only kept rising since.
Bitfinex BTC/USD charts showcase the market’s bullish market sentiment. The fact that BTC/USD markets only kept rising with o correction after a large upward price spike pushed the price above the resistance.
While volatility is surely expected after such breaks through resistance it surely doesn’t appear to have set in yet. Most probably traders are waiting for the rally’s peak to maximize profits, hence why selling pressure seems to be falling back through the new price rise.
Futures markets follow the optimism with great exaggeration to upward movements today. More specifically, after the rally was realised OKCoin BTC/USD futures spiked, this way making the marginal difference between live markets and futures even greater than it was.
Overall, it’d be safe to say that the market’s sentiment is still reasonably bullish as long as BTC/USD rates remain close to the new peak level of $1000. While some selling pressure has made its appearance in the market it sure is no indicator that the long term rise is over among such a market sentiment. Perhaps the current rally might be slowing down but the overall uptrend is likely to continue, perhaps even in trading sessions of the following days.