Bitcoin Price Spikes Above $1200 Again

A major break through has happened in bitcoin markets through recent hours in the current trading session. Big buy orders were placed back to back, pushing the price up to 1225 levels. The strong buying pressure experienced through the day has sent support levels stand behind even the recently reached price levels.

Major Signals

  • Strong buying pressure appears to be having success among bitcoin markets as trading volumes are going down
  • The markets were rushed onto a bullish market sentiment after an upward spike was followed by further positive developments
  • While the recent price rise appears to have melted resistance, BTC/USD rates have settled around $1215

Bitfinex BTC/USD charts show how traders welcomed the new price rise with an increasingly bullish market sentiment. Not only did prices break above $1200, but traders also managed to reach above a new peak and helped markets smash resistance. A correction might have hit markets after a peak was reached, but it’s sure nice seeing bitcoin prices still sitting above a post resistance break through price point.

OKCoin BTC/USD weekly future charts indicate that futures traders are finally after live BTC/USD prices as the recent price rise appears to have entertained the possibility of closing the divide. Futures rates and live BTC/USD prices have been distanced from each other for quite a while with futures traders being increasingly hesitant about the potential outcomes bitcoin’s price could follow even as the prices kept rising. However, the recent spike has helped limit the extent of the long lasting divide.

Summarizing, it’s important to note that bitcoin traders might be actively trying to break further away from the overarching resistance. As we are seeing, with the first significant chance of selling pressure quieting down sent bitcoin prices straight above established resistance levels, showcasing great momentum for a further price rise.

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