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Bitcoin Price Analysis, 28th May 2018: BTC/USD Dips Below $7,200

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Bitcoin Price Analysis, 28th May 2018

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Bitcoin prices are moving to new lows with BTC/USD prices dipping to USD 7,100 levels within this trading session. All this selling pressure is expressed under a period of decreased trading volumes. Signals are indicating that the bear market might still be holding strong.

The day’s signals

  1. BTC/USD experiences losses around 4% in the last 24 hours with the more recent dip around USD 7,100 levels.
  2. Sizable downward spikes appear to be the moving force behind the price decline amid a stagnant trading session with low volumes.
  3. Bitcoin traders only appeared to be taking consideration for a few hours before each new price fall.

bitcoin gdax-btcusd-May-29-2018-5-21-41

GDAX BTC/USD charts are showcasing the market’s lack of support as prices keep falling. Bitcoin markets experienced a dip from price levels slightly below USD 7,400 down to sub USD 7,200 levels. Traders don’t seem to flinch with such downward pressure under such a bearish market sentiment. The reaction traders appear to have to downward spikes of that size goes to show that the market’s sentiment is bearish as ever in the last few weeks.

Bitcoin okcoin-btcusd-weekly-futures-May-29-2018-5-21-45

OKEX BTC/USD weekly futures charts showcase a similar mood. Futures traders are mirroring movements of live markets closely. The spread between futures rates and spot prices remain minimal with futures staying especially close to live markets during each dip. Provided that downward spikes keep being the driving force behind all notable moves in the market, Bitcoin futures traders are cautiously following what happens in live markets.

The overall outlook of Bitcoin markets looks grimmer day after day. On the plus side, the state of Bitcoin markets might not be just as bad as certain altcoins. Bitcoin’s fall is prompting a market-wide downtrend though. And with new lows being reached day after day, the market would need something more than just volumes to form support and break through the pressure.

 

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