Bitcoin hits $30.2K August high amid warning longs 'chasing' BTC price

Bitcoin (BTC) consolidated astatine a cardinal flip portion connected Aug. 9 arsenic BTC terms spot staged a abrupt return.

BTC/USD 1-hour chart. Source: TradingView

BTC terms toys with $29,700 "party" level

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trading adjacent $29,800 aft a surge during the erstwhile day’s Wall Street trading hours.

That followed a recovery from section lows nether $28,700, and topped retired lone aft a travel to $30,210 — Bitcoin’s highest August terms truthful far.

The accelerated alteration successful temper soon impacted marketplace participants’ expectations for the market.

“That so was the higher low, Bitcoin continues to support a bullish marketplace structure,” fashionable trader Jelle said successful portion of an X station astir the sub-$28,000 run.

“Needs to interruption $32,000 from here, let's spot if this bounce has immoderate legs.”— Jelle (@CryptoJelleNL) August 9, 2023

Jelle additionally noted that connected 1-day timeframes, BTC/USD had completed a bullish transverse connected the moving mean convergence/divergence indicator.

“Another point we tin adhd to the database of bullish signals,” helium commented aft a similar 1-month determination astatine the extremity of July.

The time prior, Michaël van de Poppe, laminitis and CEO of trading steadfast Eight, meantime stressed the value of $29,700.

“Bitcoin enactment starts erstwhile we interruption $29,700. Until past it's conscionable consolidation,” portion of the day’s investigation argued, with Van de Poppe subsequently adding that Bitcoin was “close” to doing so.

Continuing, fashionable trader and expert Rekt Capital remained chill connected the implications for BTC terms spot connected play 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 absorption area,” helium wrote alongside a illustration showing applicable features.

“This clip truthful far, $BTC has upside wicked to ~$30200. Bearish is the rejection is beardown capable to propulsion terms down beneath ~$29250 and Weekly Close beneath there. However, if BTC would beryllium capable to dip into ~$29250 and clasp it arsenic support, that would beryllium a much bullish terms development.”

BTC/USD annotated chart. Source: Rekt Capital/Twitter

Bitcoin whales get active

Analyzing the impetus for the spike higher, observers soon noted accrued buying among assorted classes of Bitcoin whales.

Related: Bitcoin terms tin spell ‘full bull’ adjacent period if 200-week trendline stays

#FireCharts 2.0(beta) shows the infinitesimal Purple Whales decided to person a $20M #BTC bid ladder into marketplace orders that started this rally yesterday. Purple continued buying upwards of $50M truthful far, meanwhile, a Brown Mega Whale conscionable joined the enactment with a $2M marketplace bargain bid as… pic.twitter.com/v1HM1QcR97

— Material Indicators (@MI_Algos) August 8, 2023

Popular trader Skew kept an oculus connected derivatives markets, covering the push-pull betwixt bulls and bears ongoing astatine the clip of writing.

— Skew Δ (@52kskew) August 9, 2023

Skew further noted that whales had been utilizing liquidity to merchantability BTC, adding that precocious longs could beryllium “chasing” the market.

“Whales necessitate rather heavy liquidity to exit oregon adjacent positions & astir often this is during a compression event,” portion of his latest X station stated alongside speech data.

Bitcoin speech information annotated charts. Source: Skew/Twitter

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