Bitcoin prices are retreating from the high of USD 9,000 reached today across BTC/USD markets. The slightly bullish market sentiment that started from Bitcoin and continued to rule crypto markets throughout the day was halted with an instance of mass selling.
The Day’s Signals
- Traders appear to be fearful of yet another breach with prices experiencing a large drop only a few hours after USD 9,000 prices were reached.
- A large selloff triggered a break below USD 8800 levels.
- Markets still appear to be uneasy with the price’s rise.
The price rise that led BTC/USD markets to a high appeared to be heading closer to $9200 price levels. However, a selloff triggered a panic reaction among markets. The activity of traders goes to show that the market sentiment is still fragile after weeks of decline. Bitstamp BTC/USD charts showcase the fear traders bear for yet another breach of Bitcoin’s price. It’s worth pointing out that not too long ago, prices had fallen to price levels below USD 7,500 on March 18.
OKCoin BTC/USD weekly futures charts are quite indicative of the uncertainty that’s plaguing traders amid the current market sentiment. Futures prices appear to be following the live price in close proximity in the more recent hours. And yet, the bottom price futures reached deviated from live prices by a decently positive margin. Futures traders are uncertain as to how Bitcoin would be priced and hence, no clear path can be predicted.
One thing to take out of the events in today’s trading session would be that traders are prone to panic as Bitcoin’s price recovers. Today’s price movements, however, don’t seem to be deterring futures traders and if so, it shouldn’t be priced in through panicky moves from those believing in the positivity tide of today’s session. Bitcoin’s recovery could have some ways to go for as long as selling pressure remains in the overall market.
Trading volumes across BTC/USD markets today reached levels close to the ones when the bitcoin price went below USD 7,500 recently. Notably, the market’s ability to recover from a wave of selling pressure is something noteworthy. Under such indicative support against sell0ffs, the market could be sensing a new feeling of hope for a potential upcoming recovery.
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