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Bitcoin Price Analysis, 9th May 2018: Support for $9,000 Levels Comes into Question

Bitcoin markets remained under pressure through the day. While trading volumes continue being on the upside, this time traders aren’t keeping up any positivity. Prices kept going down from USD 9,400 levels and even briefly dipped to USD 9,000 levels through the course of the trading session.

The day’s signals

  1. Bitcoin traders embraced the bearish market sentiment that took on BTC/USD markets lately.
  2. Selling pressure is responsible for the greater part of the day’s volumes. Prices kept falling and ultimately reached a dip below USD 9,000 levels.
  3. An ongoing recovery now has BTC/USD trading at around USD 9,250 levels.

bitcoin gdax-btcusd-May-09-2018-17-27-26

GDAX BTC/USD charts show how prices were led to USD 9,000 levels through the course of the day. The lack of apparent support might be something that puts the market’s mood in a worse position than it already was in. Traders most likely are now starting to sense that there’s further pressure for Bitcoin prices even after the market’s failure to reach the price point of USD 10,000.

BITCOIN okcoin-btcusd-weekly-futures-May-09-2018-17-27-32

OKEX BTC/USD weekly futures charts are displaying the way futures traders are taking to today’s bearish market sentiment. The positive difference that was observed between futures markets and live Bitcoin prices has now shrunk considerably. Futures traders responded to the fall of Bitcoin prices with a slight exaggeration in the extent of the dip. It appears as though traders in futures markets are now also more cautious amid the current market sentiment.

All in all, the day’s course in Bitcoin markets proved to hold a worsening outlook for markets. A breach of USD 9,000 levels has not been observed to a larger extent. However, under current market conditions, it wouldn’t seem unlikely. Traders are currently taking consideration of the day’s dip. A decisive move could be observed in the following hours if support is not maintained.

 

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