Bitcoin Nears August High of $30,200 As BTC Price Is Chasing

Bitcoin Nears August High of $30,200 As BTC Price Is Chasing

Bitcoin (BTC) is consolidating in the trend reversal zone today, with the price making a sudden comeback.

Hourly chart of BTC/USD. Source: TradingView

BTC price fluctuates around the $29,700 level

Data from Cointelegraph Markets Pro and TradingView shows that BTC/USD is trading near $29,900 after rallying during trading hours on Wall Street the previous day.
It then recovered from local lows below $28,700 to reach $30,210, which is currently the month’s high.
rapid mood swings Market participants’ expectations soon took a hit,
“It Was Actually a Higher Lower: Bitcoin Continues to Maintain Bullish Market Structure”Popular trader Jelle on X says about the performance around $28,000.

This Higher Was Actually the Lower: Bitcoin Continues to Maintain Bullish Market Structure
It now needs to break $32,000, let’s see if this bounce will be successful
What do you think?

He was really high low, #bitcoin The bullish market structure continues to be maintained.

Need to break $32,000 from here, let’s see if this bounce has any effect.

What are we thinking boy?
— Jelle (@CryptoJelleNL) 9 August 2023

Jelle also noted that on the daily time-frame, BTC/USD has completed a bullish cross on the moving average convergence/divergence indicator.
“One more thing we can add to the list of bullish signals”He comments on the monthly after a similar movement that happened in late July.
A day earlier, Michael van de Poppe, founder and CEO of trading firm ET, emphasized the importance of $29,700.
“The bitcoin party will start when we break $29,700. Until then it’s all about consolidation” he claimsSaying that bitcoin is close achievement of this goal.
This is followed by renowned trader and analyst Rect Capital Be surprised by the implications of BTC price consolidation on the weekly time frame,
“BTC is rising above the ~$29250 level (black), which is good. But historically, we have seen rallies beyond this level to the ~$29,900-$30,100 resistance area”, telling The analyst is enclosing a graph showing its characteristics.

This time, as of now, BTC may reach ~$30,200. The risk is that the rejection is strong enough to push the price below ~$29,250 and for a weekly close below. However, if BTC manages to hold ~$29,250 as support, this would be a bullish scenario.”

BTC/USD weekly chart. Source: Rect Capital/X

bitcoin whale active

Analyzing the momentum of the rally, traders immediately noticed an increase in buying in various bitcoin whale classes.

#FireCharts 2.0 (beta) shows the moment Purple Whales decided to convert the $20M #BTC bid ladder into market orders, starting yesterday’s rally. Purple whales bought up to $50 million, while a brown mega whale joined the party with a market buy order of $2 million, as attested by Firecharts CVD.
Now we are seeing some profit taking from the low buyers so if you are looking for entry then wait for things to calm down.

popular trader oblique Follows the derivatives markets closely, covering the ongoing tussle between the bulls and bears at the time of writing.

Are the shorts giving up already?
The rally on LTF was driven by short closing on coin margin and USDT margin.
OI down and Perp Delta/CVD up
Let this LTF range be a bit more balanced

Skew further explained that whales are using the liquidity to sell BTC, adding that latecomers may be “chasing” the market.
“Whales need considerable liquidity to exit or close positions and often do so during a squeeze event”Reads the post on X with exchange data.

Annotated graph of bitcoin exchange data. Source: Skew/X

This article does not constitute investment advice or recommendations. Every investment and trade involves risk and readers should do their own research before making decisions.

Translation by Walter Rizzo





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