Bitcoin Price Has Hard Time Recovering Above $1800November 20, 2021
Bitcoin markets have had prices looming around $1800 levels ever since the recovery, yet in spite of a break through the period in which trading above such levels was short lasting. Traders did perhaps at one point rely on the market’s sentiment to build up on a potential recovery but profit taking and selling pressure ultimately sent BTC/USD rates back down with prices not looming around $1780 levels.
- Trading did briefly take place above $1800 levels after the recovery yet downward spikes sent prices down again with the market only following.
- The market’s sentiment is apparently back to being slightly bearish as markets appear to be deviating from the recent price peak.
- As trading volumes continue declining, traders are still having a hard time pushing BTC/USD rates to a more consistent recovery.
Bitstamp BTC/USD charts are indicative of how bitcoin prices are having a hard time recovering above $1800 amid the current market sentiment. Traders are having a hard time building up enough confidence to show support for levels closer to the recent price peak. It becomes apparent that a kickstarting of a more positive take would probably need more attention from traders.
OKCoin BTC/USD weekly futures charts are also showcasing some apparent bearishness, yet the spreads are now significantly smaller than when prices were closer to all time high levels. Certainly though, futures traders are also taking into account the fact that traders in live BTC/USD markets have balanced out order books, with support now seeming to be in par with current resistance.
All in all, what traders should certainly consider is how much potential there is for a continuation of the rise. Bitcoin traders are certainly paying special attention into measuring the market’s potential outcomes as swings at either direction do not seem too unlikely prior to any major development.
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