Bitcoin

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  Bitcoin traders continue to battle for control of a rangebound market — but some nearby BTC price levels are more significant than others. 
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<div class="cointelegraph"> 
 <p>Bitcoin (BTC) faces a new battleground as bulls and bears fight for control of a sideways market, one popular trader says.</p> 
 <p>In part of his latest X analysis on Aug. 11, Daan Crypto Trades flagged a key level to reclaim as BTC price support.</p> 
 <h2 id="strongly-contested-btc-price-zone-set-for-a-grilling">"Strongly contested" BTC price zone set for a grilling</h2> 
 <p>With BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> breakouts continually failing, both Bitcoin <a rel="noopener noreferrer nofollow" title="bulls" href="https://thebittimes.com/tag/bulls.html">bulls</a> and bears are caught in a “strongly contested” range, Daan Crypto Trades summarized.</p> 
 <p>This is the culmination of various trips above and below current spot price, making the midpoint the level to watch next.</p> 
 <p>The status quo has essentially remained the same since mid-June — $28,500 as fundamental support, $31,800 as resistance.</p> 
 <p>Gaining control of the area around $29,700 is thus an essential move if <a rel="noopener noreferrer nofollow" title="bulls" href="https://thebittimes.com/tag/bulls.html">bulls</a> are to build the necessary momentum to change the landscape for good.</p> 
 <p>“Pretty clear that the $29.5-29.7K region is an area that's strongly contested by the bulls and bears,” Daan Crypto Trades wrote. </p> 
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   “It's an important area to keep watching.” 
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 <figure> 
  <img src="https://cdn.thebittimes.com/images/2023/08/11/89defa76d3569f19852ec83ec1dd703c.webp"> 
  <figcaption style="text-align: center;"> <em>BTC/USD annotated chart. Source: Daan Crypto Trades/X</em> 
  </figcaption> 
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 <p>An accompanying chart showed BTC/USD nonetheless fighting to return above the range low, with little significant historical support lines between $28,500 and $29,500.</p> 
 <p>The <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> thus ties in with other perspectives from recent weeks, these likewise focusing on $28,500 or slightly lower as a downside target.</p> 
 <h2 id="bitcoin-traders-fight-it-out-on-exchanges">Bitcoin traders fight it out on exchanges</h2> 
 <p>Focusing on short-term BTC price events, meanwhile, fellow trader Skew highlighted just how frenetic the mid-$29,000 zone currently is for Bitcoin.</p> 
 <p><strong><em>Related:&nbsp;Bitcoin risks 15% dip by October, but $100K is due in 2026 — Analysis</em></strong></p> 
 <p>Exchange trades showed large-volume bids absorbing sellside pressure on Aug. 11.</p> 
 <blockquote class="twitter-tweet"> 
  <p lang="en" dir="ltr">$BTC <br>and now they're puking the bag lol https://t.co/XkGxu5OsEf pic.twitter.com/fpqf5PmzIC</p>— Skew Δ (@52kskew) August 11, 2023 
 </blockquote> 
 <p>Continuing, Skew described spot <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> action on 4-hour timeframes as “weak” despite holding above various exponential moving averages (EMAs).</p> 
 <p>“Tight price compression here, likely a 5% + price reaction is coming from here,” he added.</p> 
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  <img src="https://cdn.thebittimes.com/images/2023/08/11/b12368944c5cc9b9404b317e1e1ac2c0.webp"> 
  <figcaption style="text-align: center;"> <em>BTC/USD annotated chart. Source: Skew/X</em> 
  </figcaption> 
 </figure> 
 <p><strong><em>Magazine: Deposit risk: What do crypto exchanges really do with your money?</em></strong></p> 
 <p class="post-content__disclaimer">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. </p> 
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Bitcoin trader reveals 'important' BTC price zone as bulls hold $29.3K

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