Bitcoin Price; Set to Climb Above $900?

Bitcoin’s price managed to stay above $870 levels after the recent price recovery and we’re now seeing a continuation to the rise. This time with a substantially large buy order helping the price come closer to $900 levels.

Major Signals

  • Whilst the recovery in yesterday’s trading session wasn’t followed up with instant positivity, bitcoin markets now look like they’re set to surpass $900 levels soon.
  • Sell walls at $900 levels are substantially large and with weak underlying support breaking through it would be a crucial achievement for the market’s turnout.
  • The market’s sentiment might have not looked ready to welcome such a price rise, but the spike’s impact should be judged on the long run, as the preceding rise was successful.

Bitfinex BTC/USD charts are indicative of how bitcoin traders are starting to be more bullish after the recent price rise that lead the price back to levels above $850. Bitcoin markets have definitely managed to shake away most of the negativity that surrounded any and all movements leading the price up.

With trading volumes going up as the price rises, the recovery is even more noteworthy as traders can now count on at least some underlying support that’ll be coming up in case selling pressure comes back. Although, with this shift in the market’s sentiment, BTC/USD traders seem to be back to business with the price even touching $899 at some point.

Futures traders are continuing to be conservative in how much they’ll let live BTC/USD markets lead them to following up on the rise. The recent positivity does seem to have touched OKCoin’s BTC/USD weekly futures market, but the marginal difference still leaves Futures below live markets.

Overall, in spite of futures traders being in a generally bearish mood after the rally, BTC/USD markets seem to be taking an overturn. The positivity leading the price back to being close to $900 levels makes for a nice change with market sentiment. A break through resistance could be imminent under such a setting but failure of it wouldn’t be that positive.

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