bullish

Bitcoin

when

Base

Notable

<p class="is-style-lead">Bitcoin’s price remained in a tight range on Aug. 19, continuing a consolidation phase that has persisted for almost two weeks.</p> 
<p>Trading at $58,000, Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) contributed to a 2.2% decline in the global crypto market cap, bringing it down to $2.06 trillion.</p> 
<h2 class="wp-block-heading" id="btc-consolidation-continues">BTC consolidation continues</h2> 
<p>This <a href="https://crypto.news/bitcoin-stuck-in-apathy-phase-but-big-moves-are-coming-analyst/" target="_blank" rel="noreferrer noopener">uneventful price action</a> occurred as volumes in both the spot and futures markets stagnated. Bitcoin’s open interest slightly increased on Monday to $30 billion but remained lower than this month’s peak of $36 billion.</p> 
<p>Spot market volume for Bitcoin dropped to $17 billion on Monday, a significant decrease from the Aug. 6 high of over $120 billion. Typically, Bitcoin and other cryptocurrencies experience low volumes when they are not in an uptrend. The <a href="https://defillama.com/dexs/chains" target="_blank" rel="">volume</a> in Solana (<a href="https://crypto.news/price/solana/" target="_blank" rel="noreferrer noopener">SOL</a>), Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noreferrer noopener">ETH</a>), and Base Decentralized Exchange platforms has dropped by over 20% in the last seven days.&nbsp;</p> 
<p>Meanwhile, some large Bitcoin holders seem to be exiting their positions. According to a post on X by Lookonchain, Ceffu, a company offering custody and liquidity solutions to institutions, moved coins worth $211 million to Binance since July 31.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Ceffu has deposited 3,568 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$BTC</a>($211.6M) to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">#Binance</a> since July 31.<a href="https://twitter.com/hashtag/Ceffu?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">#Ceffu</a> provides custody and liquidity solutions for institutions, which means it is likely that institutions are selling <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$BTC</a>. <a href="https://t.co/Q9mLFMmC0z" target="_blank" rel="">pic.twitter.com/Q9mLFMmC0z</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1825436997529358729?ref_src=twsrc%5Etfw" target="_blank" rel="">August 19, 2024</a>
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<p>Despite these developments, there are some positive signs for Bitcoin. For one, Bitcoin has remained stable even amid the ongoing Mt. Gox movements. <a href="https://platform.arkhamintelligence.com/explorer/entity/mt-gox" target="_blank" rel="">Data shows</a> that the Bitcoin held in Mt. Gox wallets decreased from 141,686 coins on January 1 to 46,164, indicating that the market has absorbed these sales without a significant drop.</p> 
<p>Another positive is the increasing number of large institutions holding spot Bitcoin ETFs, signaling that the asset is gaining mainstream acceptance. Notable companies include Goldman Sachs, HSBC, and Barclays.</p> 
<p> You might also like: <a href="https://crypto.news/bitcoin-in-a-gray-zone-as-morgan-stanley-goldman-sachs-diverge/"> Bitcoin in a gray zone as Morgan Stanley, Goldman Sachs diverge </a> </p> 
<h2 class="wp-block-heading" id="bitcoin-price-weekly-chart">Bitcoin price weekly chart</h2> 
<figure class="wp-block-image size-full">
 <picture loading="lazy" decoding="async" class="wp-image-14292408"> 
  <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/08/Bitcoin-Price-W.png.webp"> 
  <img loading="lazy" decoding="async" width="3574" height="1982" src="https://crypto.news/app/uploads/2024/08/Bitcoin-Price-W.png" alt="BTC price"> 
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  BTC price chart | Source: <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=COINBASE" target="_blank" rel="">TradingView</a>
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</figure> 
<p>Longer-term charts also suggest that Bitcoin is holding up well. On the weekly chart, Bitcoin has consistently stayed above the 100-week Exponential Moving Average since October last year.</p> 
<p>Bitcoin has also formed a falling broadening wedge chart pattern, often leading to a bullish breakout. This pattern, characterized by connecting the lower lows and lower highs, typically sees a significant breakout when the price moves above the lower side of the wedge.</p> 
<p>Additionally, Bitcoin has formed a cup and handle pattern, with the upper boundary at $68,830. The wedge pattern is part of this handle, and the accumulation and distribution indicator has reached its highest level in years.</p> 
<h2 class="wp-block-heading" id="btc-price-monthly-chart">BTC price monthly chart</h2> 
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 <picture loading="lazy" decoding="async" class="wp-image-14292407"> 
  <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/08/Bitcoin-M.png.webp"> 
  <img loading="lazy" decoding="async" width="3574" height="1982" src="https://crypto.news/app/uploads/2024/08/Bitcoin-M.png" alt="Bitcoin price"> 
 </picture> 
 <figcaption class="wp-element-caption">
  Bitcoin price monthly chart | Source: <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=COINBASE" target="_blank" rel="">TradingView</a>
 </figcaption>
</figure> 
<p>The monthly chart also points to potential upside for Bitcoin. Similar to the weekly chart, it shows a cup and handle pattern, with the accumulation and distribution indicator near its all-time high. Bitcoin has remained above the 50-month moving average.</p> 
<p>Bitcoin is also forming a hammer candlestick pattern, characterized by a long lower shadow, a small body, and little to no upper shadow. For this pattern to fully form, Bitcoin needs to close the month slightly below $64,000. If this occurs, it could signal further upside.</p> 
<p>In the long run, a Bitcoin rally will be confirmed if it breaks above the year-to-date high of $73,902.</p> 
<p> You might also like: <a href="https://crypto.news/bitcoin-triggers-bullish-sentiment-among-investors-long-term-holders/"> Bitcoin triggers bullish sentiment among investors, long-term holders </a> </p>

Bitcoin price stuck in range as 2 charts signal big breakout

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