Bitcoin markets are now experiencing a correction that caused BTC/USD prices to breach below USD 9,000 again. The breach is coming only a couple of days after this level was achieved. Trading volumes are currently booming as crypto markets go in red.
The Day’s Signals
- BTC/USD markets are now experiencing losses reaching over 5% over the past 24 hours.
- Bitcoin markets explode in trading volumes amid the sentiment change
- Sell orders that lead to the breach below USD 9,000 are holding a substantial share of the trading session’s volumes.
GDAX BTC/USD charts are showcasing how prices followed a downward trend while selling pressure was gaining strength. In the earlier hours of the trading session, bitcoin markets seemed to be having a more positive outlook. Prices peaked at USD 9,750 levels. However, only shortly after that peak prices were pushed below USD 9,300 by large sell orders. One could say that profit taking took on driving the market down. From there on, sell orders begun being responsible for the greater part of the day’s trading volumes.
OKEX BTC/USD weekly futures charts reveal that futures traders were holding a much more positive sentiment prior to the crash. Futures markets exaggerated the positivity through a positive divide between them and live markets. Yet, the day’s price crash came in to quickly change that. Futures markets were intially not reflecting the bearish signals of live markets in full, something that slowly changed through the span of the day. Futures are now showcasing a rapid shift in their market’s sentiment taking effect. Traders effectively changed direction after the crash with futures going from sustaining a positive divide to slowly being driven to the opposite.
In summary, the bearish breakout in today’s trading session was followed by quite a bit of profit taking and ultimately selling pressure. Markets gave in to the pressure and prices are now trading but there’s no reason to believe that all hope is lost. Thankfully, bitcoin markets were quick to recover from prices levels that were deviating even further below the USD 9,000 price point. After falling to USD 8,750 levels, prices went on to recover, now trading at around USD 9,150 levels/