The bitcoin price did stay below $220 for a while today. Some big buy orders pushed the price back up and the BTC/USD is currently struggling to stay above the $220 level.
Bitcoin price trailing sideways again
In the meantime, the volume has been slowly drying up as the trades executed in the last 24 hours didn’t even surpass the $15m barrier. It’s clear enough that the resistance at $220 wasn’t strong enough to keep the price above this level. Some huge sell orders caused BTC/USD to trail sideways for several hours. More bearish activity is to be expected despite the few seemingly bullish orders.
Selling pressure and low trading volume
In a day that bears seem to be dominating the market not much positive price movements are to be expected. As BTC/USD did also reach the level of $215 earlier this week, there’s no good indication that the BTC/USD is going to keep trading at it’s current levels. More sideways trailing was noticed once again today, even after the most recent upward spike. Resistance at $220 however, is not significant. Mostly due to the low volume we also saw it being breached multiple times today.
Will we see a crash soon?
If we don’t see any more buying pressure being brought into the market soon, the next outbreak could cause BTC/USD to fall close to the $215 bottom or even lower. It’s clear that the bitcoin price kept being above the $220 level today due to a few large buy orders. Take into account, the correction after each upward spike was nearly instant today.
Images from bitfinex
