Bitcoin Price Goes up Slightly Along with Growing Trading VolumesMarch 4, 2018
Bitcoin markets aren’t moved by any significant trends at the moment but BTC/USD rates are in general moved by a more positive market sentiment that the overall lookout preceding trading sessions had. What’s more interesting though is that bitcoin prices are moving within a very specific margin in spite of an increase in trading volumes.
- BTC/USD rates climbed above $915 and are currently trading above $920 levels after resistance was hit at $920.
- Resistance levels seem remarkably strong at a $930 price point, yet resistance below this level seems comparable to active buy orders in terms of buy/sell walls.
- BTC/USD has come into this state giving an eerie feeling of a sideways trend right after falling slightly below price levels of $915.
Bitfinex BTC/USD charts indicate that the fact of a significant price rise seeming increasingly more unlikely over time might be putting traders down. In spite of the recent recovery from sub $915 price levels, selling pressure is once again becoming a major component in the market’s setting.
Futures markets seem to be kind of divided over today’s developments and the fact that volatility is still a big characteristic of price movements lately might be part of the reason. As seen in the above OKCoin BTC/USD weekly futures chart, while the rise to 920 levels might have started spreading some positivity among futures traders, the fall right after it completely changed the mood.
All in all, positivity might be a rare sight in recent trading sessions, but it’s not to say that the current state of the market is welcoming positive outturns either. Perhaps in due time we could see developments of greater significance provided that better support could come into play. After all, the last couple of trading sessions showcase that traders are not all unintrested to ongoing market developments as we see trading volumes rising.
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