Bitcoin Price Analysis, 7th May 2018: Bitcoin Prices Fall Below $9,500

Today’s trading session didn’t prove to hold a positive outlook for traders in Bitcoin markets. While markets are continuing to experience above-average trading volumes, a bearish breakout was the deciding factor in the day’s price movements. It appears as though the sentiment that had Bitcoin traders hopeful of USD 10,000 levels is now being squashed down.

The day’s signals

  1. Bitcoin prices fell from USD 9,600 levels to USD 9,200 lows with a sudden selloff.
  2. Prices did not break below USD 9,200 following the crash, although upward movements weren’t received with particular positivity.
  3. Recent hours saw prices of Bitcoin climbing back up to USD 9,400 levels.

BITCOIN gdax-btcusd-May-08-2018-5-38-41

GDAX BTC/USD charts showcase the extent of today’s crash. Bitcoin entered a period of bearishness with taking consideration for the greater part of the trading session. The selling pressure remained persistent throughout the day’s span with all upward movements met with disdain. However, more recent hours have prices rising back to USD 9,400. Resistance levels didn’t go very low, but selling pressure is still present. Not to forget that volatility is still very much present in markets, as we saw prices fall down to USD 9,300 levels even after reaching USD 9,400.

OKEX BTC/USD weekly futures charts are putting up a different picture. Futures traders seem to still maintain some positivity for Bitcoin’s prices. Today’s bearish breakout did bring the difference between futures rates and live market prices to noticeably smaller levels. And still, futures continued to trade at a price level around USD 9,500. The day’s lowest rates for futures markets didn’t reach below USD 9,400 levels in spite of the volatility experienced through the day. The attitude of futures traders could be hinting a more hopeful outlook in spite of losses experienced.

 

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