Sign In with Google
Sign In with Facebook
Bitcoin's Bullish Consolidation Around $29,700
Bitcoin (BTC) recently stabilized around a pivotal price range on August 9th, revealing a marked resurgence in BTC price strength.
Bitcoin Nearing $29,700 Pivot Point
Figures derived from Cointelegraph Markets Pro and TradingView indicate that BTC/USD was hovering close to $29,800 following a vigorous ascent amid Wall Street's trading hours the previous day.
This upswing came on the heels of a rebound from local dips below $28,700, peaking briefly above $30,200 - the highest price point for Bitcoin in August thus far.
Bullish Market Conditions Maintain
The swift shift in atmosphere quickly affected the market's anticipations. Popular trader Jelle underscored that if Bitcoin had in fact bottomed out, it was continuing to exhibit an optimistic market establishment.
On a one-day scale, Jelle pointed out that BTC/USD had achieved a bullish convergence on the moving average convergence/divergence gauge. "We can categorize this as another bullish signal," he pointed out, following a similar monthly move at July's close.
The Key $29,700 Level
Emphasizing the importance of the $29,700 price point, Michaël van de Poppe, the founder and CEO of trading enterprise Eight, proposed, "The real Bitcoin rally commences when we surpass $29,700. Prior to that, we're in a consolidation phase." Van de Poppe went on to suggest that Bitcoin was nearing this pivotal mark.
Bitcoin Whales Stir Activity
When looking for potential reasons for the surge, it quickly became apparent that a variety of Bitcoin whale categories had intensified their purchasing. Notable trader Skew kept a close watch on derivatives markets, keeping track of the tug-of-war between bullish and bearish forces at the time of composition.
Skew also observed that whales were leveraging liquidity to offload BTC, suggesting that late entries might be 'riding the wave' of the market. He further added, "Whales necessitate substantial liquidity to extricate or close positions, which usually happens during a squeeze."
