At the end of Friday yesterday, as North American markets closed out the trading week, Bitcoin price enjoyed long periods above USD 8,000 as bullish traders ignored technical signs of bearish sentiment.
Prices today are slightly higher than they were 24 hours earlier (0.1%), trading right now at USD 7,985 (9.30 am UTC, CoinDesk), but it hides a story of a fight between bears to plunge new depths below USD 7,900 and bulls to remain breathing above USD 8,100 — both these are the day’s high and low.
As mentioned in yesterday‘s analysis, several crypto analysts and technical commentators believe that Bitcoin’s sliding price in the last week and inability to push beyond key resistance levels point towards a further correctional wave in the short term. However, psychological attempts to push above yesterday’s levels indicate that the bulls are far from ready to give up even in the short term.
Interestingly, volumes continue to show great strength across the major exchanges worldwide, and even peer-to-peer platforms such as LocalBitcoins and Bisq are showing no letdown in trading activity, indicating that there are still many traders on both sides of the fences willing to push their agendas.
This just as Coinbase recorded the highest volume it has seen for over 14 months:
Bitcoin trading volume on the largest US-based cryptocurrency exchange, Coinbase, hit the highest amount seen in 14 months in May. https://t.co/SrDW22wDRg @samadamsSAO reports
— CoinDesk (@CoinDesk) June 7, 2019
Whatever the outcome this weekend, people have not stopped buying Bitcoin.
https://twitter.com/joelcomm/status/1137132208186150912
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