BTC price tries again to regain its value and recover it, but bills run out of steam after briefly storming through a significant resistance level. Bitcoin reached its highest level of $30,000 on Aug 2 as a tour of its trading range witnessed BTC price volatility return.
According to Coin Telegraph data, Markets Pro and Trading view BTC/USD as buyers staged a rally through significant resistance. Bulls were unable to meet the expectations and keep up the momentum above levels designated as pivot points; therefore, local highs of $30,025 were short-lived. It involves $30,000 and $29,500, with Bitcoin trading below both levels.
Michael Van De Poppe, CEO and founder of trading firm Eight, write in an analysis, “I’d like to see $29.3K hold on LTF and then a clean break through $30K.”
Skew, a popular trader revealed the momentum behind the overnight action, with market takers and makers battling it out to steer trajectory on lower timeframes.
$BTC LTF signals (when using Delta/CVDs & Orderbook software)
Price action & market participation is very important in understanding price direction as well when rotations or mean reversions occur
You have two types of market participants
Makers & TakersMakers use limit… https://t.co/CM9SRaG6x3 pic.twitter.com/PiCUxvNOao
— Skew Δ (@52kskew) August 2, 2023
In addition, Skew also said that the four-hour chart was “so far looking like a classic SFP into a HTF S/R”. Highlighting the swing failure pattern and high-timeframe support.
He forecast, “Price currently testing 4H high prior to the dump Liquidity & trend confirmation likely lower”.
Rekt Capital, fellow trader and analyst states his theory that $29,250 was the line in the sand for bulls to stuck onto.
His recent tweets states that, “This recent bounce means that BTC looks to have reclaimed ~$29250 as support”.
“However, the moment it turns into resistance is the moment that we could expect lower prices. For now, ~$29250 continues to hold.”
BTC’s Price Rising Trend Line Remains Intact
Aksel Kibar, Chartered market technician updated his own roadmap for BTC price line and hinted that current support level were more reliable than people thought. Moreover, the price of $28,400 was of interest on the day, whereas, Kibar’s upward target was $34,000.
In his tweet he stated that, “BTCUSD Seems like the trend line is a valid one as it is recognized by market participants”.
Read more:
Bitcoin Could Reach $50,000 This Year and $120,000 By End of 2024: Standard Chartered
Bitcoin Drops Below $25,000 And Altcoins Falls:As Investors Ignore Fed Rate Hike Pause
