Bitcoin

April

<div class="sg-post-des">
 Bitcoin stages a recovery toward a key resistance but fails to break through, and BTC price action is giving some cause for optimism. 
</div> 
<div class="cointelegraph"> 
 Bitcoin (BTC) recovered above $29,000 on Aug. 8 as one trader eyed a potential breakout already underway. 
 <figure> 
 <img src="https://cdn.thebittimes.com/images/2023/08/08/a8a99817bb5001ea69ca60a93cfb220c.webp"> 
 <figcaption style="text-align: center;"> BTC/USD 1-hour chart. Source: TradingView 
 </figcaption> 
 </figure> 
 <h2 id="btc-price-teases-falling-wedge-breakout">BTC price teases falling wedge breakout&nbsp;</h2> 
 Data from Cointelegraph Markets Pro and TradingView followed a modest BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> rebound after it set local lows of $28,670. 
 Still in a tight range, Bitcoin largely followed United States equities during the Aug. 7 Wall Street trading session. 
 Despite a lack of enduring momentum in either direction, market participants looked for signals that a return of some sort of trend could already be here. 
 For popular trader Jelle, these took the form of a potential falling wedge breakout on daily timeframes. 
 “This current formation has a target of $32,000. Can it break the key resistance?” he queried in part of the day’s <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a>. 
 The wedge in question began at the start of July and marks Bitcoin’s second in as many months, another being in place from April toward the end of June. 
 <figure> 
 <img src="https://cdn.thebittimes.com/images/2023/08/08/fb94b5023560ed746d7f7fecfa75f499.webp" alt="" title=""> 
 <figcaption style="text-align: center;"> BTC/USD annotated chart. Source: Jelle/X (Twitter) 
 </figcaption> 
 </figure> 
 Michaël van de Poppe, founder and CEO of trading firm Eight, called the previous day’s downside a “standard correction.” 
 “Immediately flipped back, decent daily candle. Let’s see what CPI will bring on Thursday,” he added. 
 Van de Poppe referenced the main macro event of the week — the July print of the U.S. Consumer Price Index (CPI) — which is traditionally a crypto market volatility catalyst. 
 On intraday timeframes, the picture was mixed as ever, as a game played out between market makers and takers on exchanges. 
 <blockquote class="twitter-tweet"> 
 $BTC Takers cut &amp; sold what was bought earlier https://t.co/8plHMTnbEu pic.twitter.com/DtxKDjIxrF— Skew Δ (@52kskew) August 8, 2023 
 </blockquote> 
 “Failure to breakdown forced hands especially from spot takers to be bid especially since spot takers led the sell off in the first place (relating to the spot buying around $29K),” popular trader Skew explained. 
 <h2 id="analysis-bitcoin-close-to-being-oversold">Analysis: Bitcoin “close to being oversold”</h2> 
 In a more optimistic market summary, Yann Allemann and Jan Happel, co-founders of on-chain analytics firm Glassnode, suggested that the sub-$28,000 dip had more significance as a local bottom than many realized. 
 Related:&nbsp;Bitcoin <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> can go ‘full bull’ next month if 200-week trendline stays 
 As per the Risk Signal metric, Bitcoin is at its most “high-risk” trading level for several months. 
 Coupled with a neutral signal on altcoins amid overall volatility near its lowest-ever values, the market is ripe for galvanized bulls to step in, Glassnode argued. 
 “Bears in <a rel="noopener noreferrer nofollow" title="control" href="https://thebittimes.com/tag/control.html">control</a>, but getting <a rel="noopener noreferrer nofollow" title="exhausted" href="https://thebittimes.com/tag/exhausted.html">exhausted</a>,” part of an X (formerly Twitter) post featuring the relevant charts read. 
 <blockquote>
 “Bitcoin is close to being oversold, we’re going to tap the liquidity pool (demand) around $28.5k. This could be the reversal we were hoping for.” 
 </blockquote> 
 <figure> 
 <img src="https://cdn.thebittimes.com/images/2023/08/08/6472da6b955e0bb1185dcc4afccfe1fd.webp" alt="" title=""> 
 <figcaption style="text-align: center;"> Bitcoin, alt metrics comparison. Source: Yann Allemann/Jan Happel/X 
 </figcaption> 
 </figure> 
 Magazine:&nbsp;Deposit risk: What do crypto exchanges really do with your money? 
 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. 
 <template data-name="subscription_form" data-type="markets_outlook"></template> 
</div>

Bitcoin bears ‘in control but exhausted’ as BTC price retakes $29K

Table of Contents

TheBitTimes

Other articles published on Aug 8, 2023

Indian EOW exposed a $120m crypto Ponzi scheme

PayPal PYUSD Stablecoin Analysis Sparks Outrage – Is it Just a USDT and USDC Knockoff?

Shiba Inu: What's the First Thing You'll Do When SHIB Reaches $0.01?

Community Asks: How Can Cryptopia Make a Difference?

Tether(USDT) And USD Coin(USDC): Stablecoin Trends in H1 2023

USDT and USDC Exchange Supply May Be Foreshadowing a Rally

Join our free newsletter for daily crypto updates!