Bitcoin Price Analysis, 4 May 2018: BTC/USD Heading to $10,000?

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Bitcoin Price Analysis, 4 May 2018

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Bitcoin markets are on the rise as traders keep showing support for price levels reaching new highs. BTC/USD markets are experiencing a decent increase in trading volumes while the market’s sentiment keeps being bullish.

The Day’s Signals

  1. Bitcoin prices were met with a few moments of consideration through the course of the day.
  2. Prices didn’t manage to break above USD 9,800 following multiple attempts at bullish breakouts.
  3. In the more recent hours prices did reach above USD 9,800 with the uptrend being topped off thanks to a sizeable upward spike.

bitcoin gdax-btcusd-May-05-2018-6-45-20

GDAX BTC/USD charts are showcasing how resistance didn’t manage to get the best of markets through the course of the past trading session. Traders managed to orchestrate recoveries as a response to every price fall. While the day’s low point was slightly below USD 9,600 prices kept returning to USD 9,700 levels. The market might be flirting with the idea of the price point at USD 10,000 being touched. That’s something that’s likely ramping up more interest as prices reach new highs on each trading session.

bitcoin okcoin-btcusd-weekly-futures-May-05-2018-6-45-23

OKEX BTC/USD weekly futures are continuing to showcase a lot of positivity. Futures prices even touched the USD 10,000 price point today. The gap between futures prices and live BTC/USD rates is something that had been observed through several of the latest trading sessions. However, in today’s trading session, the gap appears to have expanded even further. Futures markets are experiencing a gap closing in to USD 200. The perceived bullishness of futures traders could be mainly attributed to how futures markets priced the day’s decisive developments, ultimately leading the positive gap to grow.

Today’s trading session could set a precedent on how future developments will affect markets. If support continues to be displayed for the freshly reached highs, more bullish breakouts could spring up. Bitcoin traders have come to expect sudden changes in prices. But today’s trading session showcased a market ready to respond with recoveries to any downward pressure. Greater highs could be reached under such a market sentiment. The way futures traders priced in positive movements through the course of the day could be considered indicative of a shift in the market’s mood.

 

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