Bitcoin Price Looms Around $1700 After Breach of Support

Bitcoin markets are continuing to be slightly bearish as support for $1700 levels was breached earlier through the day. BTC/USD prices did drop down to $1650 price levels, yet the recovery from those levels was relatively swift with an upward spike pushing prices back around $1700 shortly after the fall.

Major Signals

  • Traders are perhaps losing some of their faith to the potential bitcoin’s price holds for a recovery.
  • Volatility has become a major factor in markets as BTC/USD rates noticeably swing towards both directions several times through the day.
  • Trading volumes are up from preceding trading sessions yet this hadn’t managed to help support withstand selling pressure.

Bitstamp BTC/USD charts are indicative of how the market’s sentiment has dwelled into a much more bearish mood with traders responding negatively to attempts to break through the newly established resistance. Bitcoin prices continue making it seem like the market is going through a downtrend after the rally. The way through which bitcoin prices are going down isn’t particularly fast, but support is slowly exhausted as in spite of the higher trading volumes; the market’s sentiment worsens.

OKCoin BTC/USD weekly futures charts showcase that futures traders are continuing to help maintain large spreads between futures rates and live BTC/USD prices. Yet, the recent fall in live markets wasn’t directly mirrored by futures rates, thus closing the $200 spread by a notable margin.

Overall, markets are sure under some pressure. This becomes especially visible now that the recovery pushing BTC/USD rates back above $1700 in response to the breach, prices have once again went down and looming the same levels. But the bearish market sentiment hasn’t managed to push markets into a complete selloff in spite of the fact that bitcoin prices saw a monumental rise through the last few months. While this rally appears to be going off at the moment, a return wouldn’t be too unlikely if we see an easing of selling pressure.

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