According to a well-known trader, Bitcoin (BTC) is facing a new battle scenario in which bulls and bears are fighting for control of the trend.
in his part today’s latest analysis x (formerly Twitter), Dan Crypto Trades pointed to a key level that needs to recover as BTC price support.
‘Heavily Competitive’ BTC Price Zone Under Scrutiny
In an environment where BTC price breakouts continue to fail, bulls and bears find themselves in a “hotly competitive” range, Dan Crypto Trades summarizes.
This is the culmination of multiple trips above and below the current spot price, making the midpoint the next level to watch.
The status quo has remained basically the same since mid-June: $28,500 as major support, $31,800 as resistance,
Taking control of the area around $29,700 is a crucial step if the bulls are to build the necessary momentum to turn the situation around permanently.
“It is quite clear that the $29,500-$29,700 area is a hotly contested area on both sides”Review other crypto trades.
“It’s an important area to keep an eye on.”
An accompanying chart highlights how BTC/USD is still struggling to climb above the lower levels of the range, with negligible historical support lines between $28,500 and $29,500.
So the analysis ties in with other approaches from the past few weeks, Also focus on $28,500 or lower as a downside target,
bitcoin traders compete on exchanges
Focusing on short-term BTC price action, fellow trader Skew explains how busy the mid-$29,000 area is.
Related: Bitcoin Risks 15% Decline by October, Expects $100K in 2026
Trading on the exchanges today shows that large offers have been able to absorb the pressure exerted by sellers.
$BTC
and now they’re downloading on the exchanges
$BTC
And now they’re puke, hahaha https://t.co/XkGxu5OsEf pic.twitter.com/fpqf5PmzIC– Skew Δ (@52kskew) 11 August 2023
continues, oblique Spot price action on the four-hour time frame is termed “weak” despite holding above multiple exponential moving averages (EMAs).
“Price pressure is very strong, price reaction is likely to be higher by 5%”he adds.
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