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Bitcoin Makes Repeat Bid for $8,000, Back into Positive Zone

Bitcoin Makes Repeat Bid for ,000, Back into Positive Zone

As the weekend approached, Friday brought more relief to Bitcoin bull traders, with the North American markets for once providing a lift in terms of buying volume to push Bitcoin price above USD 8,000 and back into the positive zone for the near term.

The weekend, typically quiet for traditional markets, has so far proven extremely active for Bitcoin and crypto markets, at least since the starting week of April.

Friday night. Holiday weekend.

Stock market closed.

Bitcoin market just getting warmed up đŸ”„

— Pomp đŸŒȘ (@APompliano) May 25, 2019

Prices managed to stay above that level for most of the Asian market period today on Saturday, but by closing, at time of writing, the bid to break USD 8,000 resistance seems to have faltered once more, with Bitcoin trading at USD 7,962 after slipping from a high of USD 8,171 (CoinDesk, 7:00 am UTC).

The continued positivity in the bull camp received a further boost from some quarters with the consistency in volumes decreasing every time price goes down, with each passing day confirming for stronger signs of consolidation attempts. And now it appears that consolidation is happening above former resistance lines.

This could, of course, be invalidated by sudden losses and price movement that could break trendlines, but as shown on the last weekend, bulls are still eager and quick to recover from such falls.


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Bitcoin Price Analysis, 28th May 2018: BTC/USD Dips Below $7,200

Bitcoin prices are moving to new lows with BTC/USD prices dipping to USD 7,100 levels within this trading session. All this selling pressure is expressed under a period of decreased trading volumes. Signals are indicating that the bear market might still be holding strong.

The day’s signals

  1. BTC/USD experiences losses around 4% in the last 24 hours with the more recent dip around USD 7,100 levels.
  2. Sizable downward spikes appear to be the moving force behind the price decline amid a stagnant trading session with low volumes.
  3. Bitcoin traders only appeared to be taking consideration for a few hours before each new price fall.

bitcoin gdax-btcusd-May-29-2018-5-21-41

GDAX BTC/USD charts are showcasing the market’s lack of support as prices keep falling. Bitcoin markets experienced a dip from price levels slightly below USD 7,400 down to sub USD 7,200 levels. Traders don’t seem to flinch with such downward pressure under such a bearish market sentiment. The reaction traders appear to have to downward spikes of that size goes to show that the market’s sentiment is bearish as ever in the last few weeks.

Bitcoin okcoin-btcusd-weekly-futures-May-29-2018-5-21-45

OKEX BTC/USD weekly futures charts showcase a similar mood. Futures traders are mirroring movements of live markets closely. The spread between futures rates and spot prices remain minimal with futures staying especially close to live markets during each dip. Provided that downward spikes keep being the driving force behind all notable moves in the market, Bitcoin futures traders are cautiously following what happens in live markets.

The overall outlook of Bitcoin markets looks grimmer day after day. On the plus side, the state of Bitcoin markets might not be just as bad as certain altcoins. Bitcoin’s fall is prompting a market-wide downtrend though. And with new lows being reached day after day, the market would need something more than just volumes to form support and break through the pressure.


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Bitcoin Price Analysis, 25th May 2018: BTC/USD Met With Resistance Below $7500

Bitcoin appears to be coming under a bear market with signals indicating dramatic shifts in the sentiment of traders. Prices keep being in a downward spiral now with volumes also coming down.

The Day’s Signals

  1. Bitcoin prices fell from the day’s peak at USD 7,700 price levels with a drop down to USD 7,300 levels earlier today.
  2. While a recovery was realized above USD 7,500 prices, a selloff had traders taking consideration at USD 7,400 levels.
  3. Selling pressure now seems to be forming a resistance level below USD 7,500.

bitcoin gdax-btcusd-May-25-2018-23-58-58

GDAX BTC/USD charts are indicating the shattering of support levels with today’s downward spike. While markets did recover, the downtrend keeps prices from rising. Through more recent hours, a fall further down to USD 7,300 levels keeps seeming more plausible. It’s obvious that consideration after the recovery didn’t manage to last too long. Traders succumbed to a bearish breakout with the downward spiral even continuing after it. It’d be safe to assume that resistance levels might be starting to form below USD 7,500 levels with the markets even being vulnerable to further price falls as volumes remain low.

Bitcoin okcoin-btcusd-weekly-futures-May-25-2018-23-59-7

OKEX BTC/USD charts showcase that futures traders are continuing to support closely mirroring spot prices. There hasn’t been much space for a difference between the two markets with so much uncertainty around. Traders in markets for bitcoin futures have surely gotten wind of the worsening market sentiment that’s driven by uncertainty. With trading volumes continuing to go down from being already low in previous trading sessions, not much confidence can be placed in markets.

All in all, traders seem to be preparing for even worse outcomes in spite of the already worsening conditions experienced in bitcoin markets. Volumes kept going down in spite of already being low in previous trading sessions. It is such signals that lead traders to exercise more caution and ultimately markets end up with even thinner support. With new lows reached through yet another day, indicating that there’s no positive sign showing that the downtrend might be close to an end.

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Bitcoin Price Analysis, 23rd May 2018: BTC/USD Dips Below $7,500 in Wake of Bearish Breakout

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

  1. Bitcoin markets continue experiencing breach after breach with no sign of support being present.
  2. BTC/USD levels now reach USD 7,300 price levels only a day after USD 8,000 price levels were breached.
  3. Markets aren’t appearing to take much consideration for positive price movements. Resistance appears to be bringing selling pressure even after price falls.

bitcoin gdax-btcusd-May-24-2018-13-50-18

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.

bitcoin okcoin-btcusd-weekly-futures-May-24-2018-13-50-25

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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Bitcoin Price Analysis, 16th May 2018: Bitcoin Markets Stagnant Above $8,000

Bitcoin markets appear to have a hard time finding sustainable support above USD 8,500 levels. Even after the bullish breakout experienced only a couple of days ago, markets are again experiencing a dip, this time reaching low levels of USD 8,100.

The day’s signals

  1. Large sell0ffs crashed Bitcoin prices down from USD 8,500 levels where BTC/USD was at in the earlier hours of the trading session.
  2. The crash appears to be a continuation of the downward trend. This trend appeared following Bitcoin markets reaching a top above USD 8,800.
  3. Volatility still appears to be in play but this time around, leaning towards overall bearish sentiment.

bitcoin gdax-btcusd-May-17-2018-6-37-45

GDAX BTC/USD charts are showcasing the market’s mood through a couple of interesting patterns. The first is an apparent market disdain when it comes to following up on positive price movements. The major crash for the day caused prices to drop from USD 8,500 levels down to USD 8,100 levels. With markets taking consideration for a few hours, traders achieved a recovery reaching slightly below USD 8,400 levels. Some brief consideration ensued and then yet another dip, this time with prices reaching a low at USD 8,200 price levels. From there on, prices have been pressured against reaching USD 8,400 levels again.

bitcoin okcoin-btcusd-quarterly-futures-May-17-2018-6-37-48

OKEX BTC/USD weekly futures still appear to be maintaining some positivity. Futures traders are keeping up the positive difference between futures rates and live market prices. That’s in continuation to the recently reached peak. A breach in the now sideways trailing prices could potentially limit that positive difference substantially. The recent hours where volumes have gone down leave markets especially vulnerable to another breakout that could end up being negative.

All in all, traders are certainly more cautious after the day’s volatility proved support hasn’t come on to back prices above USD 8,500.  Interestingly enough though, while volumes have gone down, prices are now managing to rise under this setting. However, support for even the current levels proved to be unreliable throughout the day. The way Bitcoin markets are playing out, there’s no wonder traders appear skeptical in this moment.


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Bitcoin Price Analysis, 15th May 2018: BTC/USD Markets Volatile Above $8,000

Bitcoin prices remain above USD 8,000 but volatility comes to be a major force in today’s trading session. Prices dipped to USD 8,300 levels at one point with the markets taking consideration for several hours. Ultimately, there was a sizeable upward spike that moved prices to a recovery but the sustainability of such levels comes into question.

The day’s signals

  1. Prices were moving slightly below USD 8,800 earlier through the trading session.
  2. A large selloff made markets touch the bottom at around USD 8,300 levels, with traders taking consideration for several hours.
  3. An upward spike pushed prices to USD 8,700 levels again with markets seemingly exiting the bearish breakout.

bitcoin gdax-btcusd-May-15-2018-9-20-10

BTC/USD charts showcase the extent of the day’s volatility. Bitcoin prices went through some wild swings in the course of today’s trading session. Ultimately, prices might have returned to levels similar to the ones prior to the day’s selloff, but selling pressure certainly showed its capabilities. Traders might be building up more cautiousness now that the market’s sentiment showed itself to be capable of allowing a breach down to USD 8,300 price levels. Resistance for upward movements following the recovery is apparent as markets currently appear uneasy with further price rises.

bitcoin okcoin-btcusd-weekly-futures-May-15-2018-9-20-14

OKEX BTC/USD weekly future charts display a lack of exaggeration in price movements. Futures traders didn’t mirror the selloff to its fullest extent but also didn’t seem to be firm believers in a potential recovery. It’s likely the potential of such price levels being sustained came into question. With uncertainty reaping the markets along with volatility, futures traders are likely trying to play it safe. It’s worth mentioning that with live markets taking consideration amid lower volumes, prices might be prone to another crash.

All in all, traders might be pleased with the fact that BTC/USD markets didn’t breach below USD 8,300 levels. Afterall, the resistance observed in live markets could also be another contributor to the current mood of the market. If a further crash can be avoided, trades could eventually start working on breaking resistance levels.


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Bitcoin Price Analysis, 2 May 2018: Prices Rise to $9,250

Bitcoin prices recovered back above USD 9,000 prices after a breach below such levels prior to today’s trading session. Notably, prices have kept rising ever since, with BTC/USD rates now looming around USD 9,250.

The Day’s Signals

  1. Prices fell below USD 9,000 levels through the last trading session but have since slowly and steadily recovered.
  2. Trading volumes remain high with apparent interest from traders to provide support for the rising price.
  3. Bitcoin prices are reaching above USD 9,200 price levels with more positivity in the recent hours.

Bitcoin Price Analysis, 2 May 2018: Prices Rise to ,250

GDAX BTC/USD charts are showcasing how the market is moving in the following of yesterday’s breach. In so far, traders have managed to break away from the selling pressure that had Bitcoin prices trading below USD 9,000. Bitcoin prices now appear to be on a rising trail with the market’s sentiment continuing to build up on the positivity. Selling pressure received responses that led to recoveries throughout the course of the day.

Bitcoin Price Analysis, 2 May 2018: Prices Rise to ,250

OKEX BTC/USD weekly futures charts still showcase the positive divide futures traders are maintaining between their markets and live prices. Bitcoin futures prices are continuing to trade above live market rates. While this trend began earlier in the week, yesterday’s breach doesn’t seem to have affected the sentiment among futures markets. It’s also worth noting that this positivity only kept growing as confidence in the rising price gained.

All in all, traders are now showcasing more confidence with prices staying above USD 9,000 after a head start in the beginning of today’s trading session. This market sentiment might be something that more positive developments could be launched from. While the recent top price point at USD 9,500 was reached earlier this week, BTC/USD markets have had a hard time reaching close to such levels again since. However, the recent positive developments could be signaling a breakout of the post-correction market sentiment.


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Bitcoin Price Analysis, 30 April 2018: Support Above $9000

Bitcoin markets experienced some downward pressure through the day’s course, and yet USD 9,000 price levels were not breached. Trading volumes are now also on the rise as markets attempt to counter the downward pressure put on prices by sellers.

The Day’s Signals

  1. The day’s course showed support for prices above USD 9,000.
  2. Selling pressure lead prices to go further under USD 9,400 after a high around those levels was reached on the previous trading session.
  3. Large sell orders have so far not managed to move prices lower than USD 9,100 levels with more recent prices being slightly above USD 9,300.

bitcoin gdax-btcusd-Apr-30-2018-23-42-7

GDAX BTC/USD charts are showcasing the selling pressure that lead prices from USD 9,400 price levels to a low touching USD 9,100. While all that might have happened in the same trading session, further downward pressure was averted from having any effect on price. In so far, markets are showing certain support for the recently reached price levels above USD 9,000. Large sell orders took on to become one of the leading contributors in today’s trading volume increase. Notably, traders contributed to a recovery from USD 9,100 lows levels after a few back to back selloffs.

bitcoin okcoin-btcusd-weekly-futures-Apr-30-2018-23-42-17

OKEX BTC/USD weekly futures charts are notably showing that futures traders are now maintaining more positivity on futures markets. Bitcoin futures have for the course of the current trading session traded above live market prices. The selloffs on live markets were not exaggerated by futures traders. Selling pressure experienced through the day’s course might have pushed a bit of the positivity that futures traders had in store away through.

The overall outlook of the market appears to be showcasing a substantially improved market sentiment that in previous trading sessions. Traders now appear to be willing to take on selling pressure. The emergence of support is telling for the market sentiment; not to forget that current price levels are more or less the result of a bullish breakout.


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