Bitcoin (BTC) consolidated at a key flip zone on Aug. 9 as BTC price strength staged a sudden return.
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.
That followed a recovery from local lows under $28,700, and topped out only after a trip to $30,210 — Bitcoin’s highest August price so far.
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.
What are we thinking boys? https://t.co/dDi723NBhY pic.twitter.com/zEDOCTJhW6
— Jelle (@CryptoJelleNL) August 9, 2023
Jelle additionally noted that on 1-day timeframes, BTC/USD had completed a bullish cross on the moving average convergence/divergence indicator.
“Another item we can add to the list of bullish signals,” he commented after a similar 1-month move at the end of July.
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.”
Bitcoin whales get active
Analyzing the impetus for the spike higher, observers soon noted increased…
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