Bitcoin Price Recovers to $820 Levels
Bitcoin trading volumes might not be picking up in today’s trading session, prices are certainly undergoing a healthy recovery from sub $800 levels. With resistance overshadowing the future of a more significant price rise though, the potential outlook of this recovery doesn’t seem to positive.
- The markets sentiment seems to have shaken off the apparent bearish signals for now.
- Lower trading volumes come with lower confidence to upward movements BTC/USD follows, especially with such looming resistance.
- BTC/USD rates didn’t move much above $832 levels, with selling pressure pushing the price down each time a price rise was taking shape.
The above Bitfinex BTC/USD charts make it apparent that while the market’s sentiment might not be all out bearishness, resistance to upward price movements is strong and anything beyond a recovery wouldn’t exactly be welcomed amid the current market setting. Selling pressure is still present in today’s trading session, although not as strong.
While it might relatively easy for buy orders to push the price up slightly, a breakthrough seems unlikely at the current time being unless resistance somehow loosens its grip on the market. In terms of sell walls, it seemed as though a decently sized one was building up at $820 levels, and the successful attempt to break through it lead to the ongoing volatility.
Futures markets have continued with their pessimism, and the more recent negative marginal difference has kept being persistent even though live BTC/USD markets are going through a soft recovery. It’s seems especially hard for futures traders to shake off the current pessimism, as the market doesn’t seem to be easily amused by upward price movements.
Overall, it’s worth noting that while resistance only feels to be growing, BTC/USD markets have been doing well when it comes to fighting back at selling pressure. The recent recovery is proof of that, although many traders might not count on it lasting long.
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