Bitcoin Price Rises to New Highs Above $1700
Bitcoin markets are continuing to ride on a bullish market sentiment as trading volumes keep being much higher than daily levels traders had gotten used to even at peak times of the rally through preceding trading sessions. The market’s sentiment appears to be remarkably bullish as prices continue rising, yet some selling pressure also appears to have had at least some effect on markets in the last few hours.
Major Signals
- Bitcoin markets are continuing to ride on the rising pattern established through preceding trading sessions.
- Selling pressure made its presence felt after BTC/USD price levels reached above 1750, with selling pressure pushing prices below $1700 levels.
- The recovery after the most recent major price fall was swift and pushed prices above $1700 once again, yet it goes to show that profit taking has strong potential even amid the current market sentiment.
Bitstamp BTC/USD charts are quite indicative of how traders are continuing to lean towards a more bullish market sentiment, yet traders proved to be quite susceptible to sell offs as profit taking has yet to have a major effect on markets. Speculation about what could be the top of the rally might be leading many traders to panic selling even as prices are reaching all time high levels amid an uptrend.
OKCoin BTC/USD weekly futures charts show the conservative attitude futures traders continue having towards the current uptrend that’s reaping through bitcoin markets. What’s for sure is that futures rates have not remained completely unaffected by the dramatic rise in bitcoin’s price, but the spreads have only grown as futures traders refuse to show support for the most recently reached levels.
All in all, today’s trading session showed that traders are easy to give into profit taking observed as a sell off. Whilst prices are currently recovering, support has managed to surround BTC/USD order books after the fall.
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