Bitcoin markets are under a bearish market sentiment with prices undergoing strong selling pressure. Today’s trading session had traders experience major breaches in Bitcoin’s price, with prices continuing to be following a downward spiral.
The day’s signals
- Bitcoin markets continue experiencing breach after breach with no sign of support being present.
- BTC/USD levels now reach USD 7,300 price levels only a day after USD 8,000 price levels were breached.
- Markets aren’t appearing to take much consideration for positive price movements. Resistance appears to be bringing selling pressure even after price falls.
GDAX BTC/USD charts are showcasing the disdain traders have towards any and all positive movements. The market’s sentiment has worsened considerably, and traders don’t seem to think twice when giving in to selling pressure. Large sell offs have dominated the day’s course, making up a significant portion of the day’s trading volumes in spite of the largest spikes happening momentarily. It’s no wonder that periods through which the most selling pressure was expressed accounted for the bigger chunk of the day’s trading volumes.
OKEX BTC/USD weekly futures charts are showcasing how futures markets are pricing in for Bitcoin at lower prices than spot trades. This is a trend that was kept up throughout the day. Larger downward spikes continue being reflected with accuracy on futures markets. All that while futures markets appear to show hesitation when it comes to following. It is clear that the shift in the market’s sentiment has also lead to an overturn of the mood in futures markets.
Overall, a very sharp shift in the market’s sentiment is now being embraced by traders. Bitcoin markets are struggling to maintain any level of support that could prove viable with each bearish breakout followed by another. Markets are not looking good with traders drifting away from the potential of a recovery.
For an improvement in the market’s outlook, a lot of liquidity would have to come in the form of support. The need for such moves becomes apparent in trading sessions like the more recent one. Lower trading volumes are known to leave markets susceptible to further breaches.
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The post Bitcoin Price Analysis, 23rd May 2018: BTC/USD Dips Below $7,500 in Wake of Bearish Breakout appeared first on BitcoinNews.com.