Bitcoin Price Keeps Looming $2200 Levels Amid Volatility
Bitcoin prices are on a volatile path with no certain direction. What’s for sure is that markets showcase at least some intent to support $2200 levels, yet in so far this levels has been breached several times, even following the previous recovery. BTC/USD rates go through numerous ups and downs through trading sessions while trading volumes decline but indecisiveness remains.
Major Signals
- Bitcoin traders appear to be quite indecisive about what course prices would follow through the up and coming trading sessions.
- BTC/USD rates don’t seem to be stabilizing at a certain level, yet the observed volatility has put prices back above $2200 levels in the recent hours.
- In spite of resistance and selling pressure, prices did peak above $2300, close to levels of the previous recovery’s peak.
GDAX BTC/USD charts are showcasing how bitcoin prices are lead by volatility through the recent hours, yet resistance somehow appears to be declining in contrast to support for current levels after the recovery above $2200 was established. Yet, traders still seem a bit hesitant in pushing prices up as so far major upward movements have been countered effectively and swiftly.
OKCoin BTC/USD weekly futures charts are telling of how futures markets maintaining a negative spread that through the day grow to levels above $100. The market sentiment has surely been affecting futures traders, but the extent of the negative spread doesn’t seem to be improving as live markets fight with volatility. Futures traders did exaggerate the downward movements of live markets, something that’s caused the spread to remain large.
What’s worth pointing out is that bitcoin markets aren’t all gloom and doom after the sell off that halted the rally. Traders are still fighting for a recovery, and while markets might not be ready to welcome positivity right now it wouldn’t be unlikely to see the market sentiment improve as selling pressure cools down.
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