The downward trend in Bitcoin prices seems something Bitcoin markets are currently having a hard time getting out of. Traders on BTC/USD markets succumbed to a breach pushing prices below the price point of USD 8,000 that would have been considered a new support prior to the past weekend.
The Day’s Signals
- As trading volumes remain around the same levels, a downward trend appears to be leading price movements.
- Bitcoin prices are mostly affected by large sell orders with markets seemingly unable to respond.
- The day’s course has found BTC/USD prices moving downward without any indication of support, something that’s likely now taking a toll on the overall market sentiment.
GDAX BTC/USD charts showcase that USD 8,000 was breached in the very recent hours of this trading session. The market’s sentiment does not appear to be in support of another price rise as the price levels that had been reached are failing to gather enough support. Now, with a falling price, BTC markets could be falling into a downward spiral with the declining market sentiment pushing prices to a vicious circle of declining support.
OKCoin BTC/USD futures charts show that futures traders are once again getting on the bearish side. Futures traders are most definitely affected by the pressure from live markets. The fact that no sign of return or even resistance became apparent throughout today’s trading sessions might have also affected futures markets. Futures have throughout the day been trading below live market prices, as the now bearish mood of traders is reflected and even exaggerated in price movements throughout markets.
Today’s trading session consisted mostly of large selloffs that were for the most part not followed up with positive responses or recoveries. So far, it appears that traders have been perceiving the lack of support as a telling sign for upcoming price movements. A recovery to break away from the pressure would now take more resources, following today’s correction.
What’s for sure is that markets experienced a worsening market sentiment throughout the day. With prices touching USD 7,900 after the most recent breach, there’s currently no indication as to where the current downfall could end and that’s certainly something that looks to be worrying traders at the moment. At best, the selling pressure could at least be levelled out with support that might come on but the current outlook doesn’t appear very bright.