Bitcoin markets are experiencing a major increase in activity. Large sell orders are pumping prices while markets continue trading on a bullish market sentiment.
The day’s signals
- A major upward spike was caused by large buy orders placed on exchanges simultaneously.
- The driving force of the price rise appears to be succeeding in improving the market’s sentiment. It’s so far led markets to support the rise far after it caused a notable upward spike.
- The surprising price rise of BTC/USD by around 10% in the last 24 hours comes just a few hours following a low of USD 6,700 levels.
GDAX BTC/USD charts are indicative of how large buy orders changed the game in Bitcoin markets rapidly. There’s a noticeable upward spike caused by just a handful of sizeable buy orders. This led markets to an overturn in terms of the declining market sentiment. Traders might have been expecting such an event to finally showcase some positivity.
OKCoin BTC/USD weekly futures markets appear to be mirroring the price rise that live markets experience with great accuracy. That’s while there used to be a divide between the two even moments before the price spike. It appears as though futures traders are also taking in the bullish overturn with positivity.
It still remains to be seen if the newly-reached price levels will be sustained. There might be no question that Bitcoin traders riding on the price rise will be faced with at least some selling pressure, though. That’s due to the fact that Bitcoin prices were trading at USD 6,700 price levels through the trading session preceding the price spike. Some resistance appears to have been formulated at USD 8,200 levels. That’s due to the price rise following the spike that seems to have been halted at that level recently.
In conclusion, the rise in Bitcoin’s price might come after an unexpected price spike, but the market seems to be taking it well. The following hours and days will be crucial to assess the impact this positive overturn will have on markets in a longer term. If a major crash is averted, it wouldn’t be unlikely to see traders going after higher levels.