Bitcoin Price Rises Above $2300 in New Recovery

Bitcoin markets are boasting an improvement in the market’s sentiment after trading volumes started going down through the day. As markets settle to price levels above $2000, traders are apparently feeling more comfortable. We’re now seeing traders push for prices above $2300 with large buy orders continue to push the price up.

Major Signals

• The recent recovery has had bitcoin markets seeming bullish in the eyes of traders through the last few hours.
• As BTC/USD rates are recording a price rise around 5%, markets show more support than how much resistance appears to be coming forth.
• The selling pressure has been overtaken by a more positive market sentiment as trading volumes went down.

GDAX BTC/USD charts are indicative of how traders are now starting to show support for a more  positive market sentiment as upward movements receive a warmer welcoming. What’s also worth mentioning is that as markets are now breaking away from the downward spiral that was plaguing them, back to back buy orders of a great marking are once again noticeably changing things. Traders are in for supporting a price rise from what it seems the potential extent of which is unknown though.

OKCoin BTC/USD weekly futures charts are quite telling of how traders are handling the recent turn of events within crypto markets. The spread between futures rates and live bitcoin prices is still large, yet futures rates appear to have been following up on live markets well enough to catch up with the recent positivity.

All in all, the ongoing recovery is certainly a nice chance for bullish traders to shine, yet it doesn’t seem to be having much in terms of underlying support. Whilst resistance in thin at the moment longer term support doesn’t appear to be there just yet, but it’d be something essential for a further recovery.