Bitcoin Hits $30.2K August High, Bulls Stay the Course10. August 2023
• Bitcoin (BTC) is trading near $29,800 after a surge during the previous day’s Wall Street trading hours.
• Popular traders and analysts have highlighted the significance of $29,700 with one trader noting that Bitcoin needs to break $32,000 for its bullish market structure to remain intact.
• Rekt Capital has pointed out the importance of the ~$29250 level and noted that a strong rejection could push price back down below this level.
Bitcoin Consolidates at Key Flip Zone
Bitcoin ( BTC ) consolidated at a key flip zone on Aug. 9 as BTC price strength staged a sudden return. 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 which 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.
Traders Ramp Up Bullish Prognoses
Popular trader Jelle noted that on one-day timeframes, BTC/USD had completed a bullish cross on the moving average convergence/divergence indicator and commented that “another item we can add to the list of bullish signals”. Meanwhile Michaël van de Poppe stressed the significance of $29,700 stating “Bitcoin party starts when we break $29,700”.
Rekt Capital Remains Cool On Weekly Timeframes
Popular trader and analyst Rekt Capital remained cool on the implications for BTC price strength on weekly timeframes pointing out that historically there is resistance between ~$29900 -$30100 and noting that “bearish is the rejection is strong enough to push price down below ~$29250 and Weekly Close below this area”.
Key Resistance Ahead
Overall Bitcoin traders are ramping up their bullish prognoses as BTC’s price faces down key resistance in order to stay course with bulls.
Can Bulls Stay The Course?
It remains unclear if bulls will be able to maintain their momentum as they face down key resistance levels in order to stay course with their bullish prognoses.