[New post] Bitcoin hits $30.2K August high amid warning longs ‘chasing’ BTC price
Crypto Breaking News posted: "Bitcoin (BTC) consolidated at a key flip zone on Aug. 9 as BTC price strength staged a sudden return.BTC/USD 1-hour chart. Source: TradingViewBTC price toys with $29,700 "party" levelData from Cointelegraph Markets Pro and TradingView showed BTC/USD tradi" Crypto Breaking News
Bitcoin (BTC) consolidated at a key flip zone on Aug. 9 as BTC price strength staged a sudden return.
BTC/USD 1-hour chart. Source: TradingView
BTC price toys with $29,700 "party" level
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trading near $29,800 after a surge during the previous day's Wall Street trading hours.
The rapid change in mood soon impacted market participants' expectations for the market.
"That indeed was the higher low, Bitcoin continues to maintain a bullish market structure," popular trader Jelle said in part of an X post about the sub-$28,000 run.
"Needs to break $32,000 from here, let's see if this bounce has any legs."
That indeed was the higher low, #Bitcoin continues to maintain a bullish market structure.
Needs to break $32,000 from here, let's see if this bounce has any legs.
The day prior, Michaël van de Poppe, founder and CEO of trading firm Eight, meanwhile, stressed the significance of $29,700.
"Bitcoin party starts when we break $29,700. Until then it's just consolidation," part of the day's analysis argued, with van de Poppe subsequently adding that Bitcoin was close to doing so.
Continuing, popular trader and analyst Rekt Capital remained cool on the implications for BTC price strength on weekly timeframes.
"BTC is pressing beyond the ~$29250 level (black) which is positive. But historically, we've seeing upside wicking beyond this level to the ~$29900-$30100 resistance area," he wrote alongside a chart showing relevant features.
"This time so far, BTC has upside wicked to ~$30200. Bearish is the rejection is strong enough to push price down below ~$29250 and Weekly Close below there. However, if BTC would be able to dip into ~$29250 and hold it as support, that would be a more bullish price development."
BTC/USD annotated chart. Source: Rekt Capital/X
Bitcoin whales get active
Analyzing the impetus for the spike higher, observers soon noted increased buying among various classes of Bitcoin whales.
#FireCharts 2.0(beta) shows the moment Purple Whales decided to convert a $20M #BTC bid ladder into market orders that started this rally yesterday. Purple continued buying upwards of $50M so far, meanwhile, a Brown Mega Whale just joined the party with a $2M market buy order as… pic.twitter.com/v1HM1QcR97
Skew further noted that whales had been using liquidity to sell BTC, adding that late longs could be "chasing" the market.
"Whales require quite thick liquidity to exit or close positions & most often this is during a squeeze event," part of his latest X post stated alongside exchange data.
Bitcoin exchange data annotated charts. Source: Skew/X
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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