It has so far been a tough day for Bitcoin markets. Trading volumes are up but at the same time, USD prices are down by almost 7%. Traders are now finally taking the hit that the bearish market was signalling for a while now. With Bitcoin prices continuing to dip down even further, the potential for a recovery appears more distant.
The day’s signals
- Markets are breaching floors with prices touching a low of USD 6,600 levels.
- Selling pressure appears to be the most prevalent element influencing price movements.
- Upward price movements are quickly met with resistance, highlighting the more negative change in the market’s mood.
GDAX BTC/USD charts are quite indicative of how the current outbreak of negativity. There were a few hours of back-to-back sell orders pushing prices further below USD 7,000 price points. Following that, markets entered the course of a recovery, reaching up to USD 7,200 but prices quickly went on a downward spiral again. It’s worth pointing out that BTC/USD markets went below USD 8,000 price points just a couple of days ago. Based on that, it’d be safe to say that the market’s downward course is not only continuing but also taking a turn for the worse.
Of course, breaking away from the bearishness keeps being an increasingly harder task as support just keeps being struck down. And yet, volatility continues to be a major factor affecting price movements throughout the course of today’s trading session. The fact that the prices continued to take a downward path with support being unable to prevent another major breach goes to show that there’s not much that could have prevented this. While the latest breach originated from another sizable selloff, the market’s response wasn’t able to counter the selling pressure that emerged.
Under such a market setting, markets are naturally surrounded by a state of further uncertainty and volatility. Thankfully though, the more recent hours have had BTC USD prices looming above USD 6,800 levels. That same setting of volatility had prices reach a low of USD 6,600 in the recent hours but a further price fall has been averted for now. Further uncertainty is to be expected and that’s not to say that the chances for a more positive outlook don’t appear to be that great.
OKCoin BTC/USD futures remained paused for the largest part of the day and went through a rollback on 30 March after staff intervention to compensate for an alleged attempt at manipulation. For that reason, today’s analysis has not taken into account the usual OKCoin BTC/USD weekly futures.
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