Convergence

Rally

Bitcoin

Read

Shiba Inu

<div class="coingape"> 
 <p>The most prominent crypto’s commendable stability can be attributed to low volatility, decoupling from the stock market which means limited reaction to economic factors like Thursday’s Consumer Price Index (CPI).</p>  
 <div class="quads-location quads-ad90952 " id="quads-ad90952" style="float:none;text-align:center;padding:0px 0 0px 0;"> 
  <div class="ad1"> 
   <div class="advertised"> <span class="ad-placeholder">advertisement</span> 
   </div> 
  </div>  
 </div> 
 <h2 id="bitcoin-price-stable-but-ready-to-move">Bitcoin Price Stable But Ready To Move</h2> 
 <p><a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> price&nbsp;is trading at $29,404 after testing and rebounding from support at $29,000. After successfully dealing with resistance at the 50-day Exponential Moving Average (EMA), the path with the least resistance seems to be to the upside, bringing the psychological seller congestion at $30,000 within reach.</p> 
 <p>Despite the flat movement of the Moving Average Convergence Divergence (MACD), a buy signal is highly likely. Traders seeking new exposure to long positions in BTC should be looking out for the MACD line in blue crossing above the signal line in red.</p> 
 <figure id="attachment_156532" aria-describedby="caption-attachment-156532" style="width: 100%" class="wp-caption aligncenter"> 
  <img decoding="async" class="size-full wp-image-156532" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201137%20609'%3E%3C/svg%3E" alt="Bitcoin price in range under $30k with support at $29k" width="1137" height="609" data-lazy-src="https://cdn.thebittimes.com/images/2023/08/14/44e24530ae69063b2bdd230638af0a6b.webp"> 
  <noscript> 
   <img decoding="async" class="size-full wp-image-156532" src="https://cdn.thebittimes.com/images/2023/08/14/44e24530ae69063b2bdd230638af0a6b.webp" alt="Bitcoin price in range under $30k with support at $29k" width="1137" height="609"> 
  </noscript> 
  <figcaption id="caption-attachment-156532" class="wp-caption-text">
    BTC/USD daily chart | Tradingview 
  </figcaption> 
 </figure> 
 <p>A bullish rectangle, as observed on the chart implies that&nbsp;<a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> price is in the process of breaking out to higher levels.</p>  
 <div class="quads-location quads-ad148831 " id="quads-ad148831" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;"> 
  <div class="NewTrendin dsdsd m-on"> 
   <h5> 
    <svg class="inline-block w-5 ml-1 text-black _text-digg-blue" width="34" height="20" xmlns="//www.w3.org/2000/svg" viewbox="0 0 17 17" fill="currentColor"> <path fill-rule="evenodd" d="M12 7a1 1 0 110-2h5a1 1 0 011 1v5a1 1 0 11-2 0V8.414l-4.293 4.293a1 1 0 01-1.414 0L8 10.414l-4.293 4.293a1 1 0 01-1.414-1.414l5-5a1 1 0 011.414 0L11 10.586 14.586 7H12z" clip-rule="evenodd"></path> 
    </svg>Recommended Articles </h5> 
   <div class="TrendSList owl-carousel owl-relatedpostar"> 
    <div class="BoXtrendsI bg-white"> 
     <div class="ImgFrmI"> 
      <img width="1200" height="627" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201200%20627'%3E%3C/svg%3E" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="ethereum price crypto news" decoding="async" data-lazy-src="https://cdn.thebittimes.com/images/2023/08/13/cf35a15cb82cd1ed6fc87ff4ecbfc001.webp"> 
      <noscript> 
       <img width="1200" height="627" src="https://cdn.thebittimes.com/images/2023/08/13/cf35a15cb82cd1ed6fc87ff4ecbfc001.webp" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="ethereum price crypto news" decoding="async" loading="lazy"> 
      </noscript> 
     </div> 
     <h6 class="mb-4"> Crypto Presale Projects For 2023 To Invest; Updated List </h6> <span>Must Read</span> 
    </div> 
    <div class="BoXtrendsI bg-white"> 
     <div class="ImgFrmI"> 
      <img width="1200" height="627" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201200%20627'%3E%3C/svg%3E" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="crypto exchange affiliate programs" decoding="async" data-lazy-src="https://cdn.thebittimes.com/images/2023/08/14/fa6133ad6e87ee1c4776d3849180d46b.webp"> 
      <noscript> 
       <img width="1200" height="627" src="https://cdn.thebittimes.com/images/2023/08/14/fa6133ad6e87ee1c4776d3849180d46b.webp" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="crypto exchange affiliate programs" decoding="async" loading="lazy"> 
      </noscript> 
     </div> 
     <h6 class="mb-4">Best Crypto Trading Bots List 2023</h6> <span>Must Read</span> 
    </div> 
    <div class="BoXtrendsI bg-white"> 
     <div class="ImgFrmI"> 
      <img width="1200" height="627" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201200%20627'%3E%3C/svg%3E" alt="ethereum price crypto news" decoding="async" data-lazy-src="https://cdn.thebittimes.com/images/2023/08/12/b31cabf387544aafba212df61a9a40a5.webp"> 
      <noscript> 
       <img width="1200" height="627" src="https://cdn.thebittimes.com/images/2023/08/12/b31cabf387544aafba212df61a9a40a5.webp" alt="ethereum price crypto news" decoding="async" loading="lazy"> 
      </noscript> 
     </div> 
     <h6 class="mb-4"> Top Crypto Marketing Firms / Agencies 2023; Here’s Best Picks [Updated] </h6> <span>Must Read</span> 
    </div> 
    <div class="BoXtrendsI bg-white"> 
     <div class="ImgFrmI"> 
      <img width="1200" height="627" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201200%20627'%3E%3C/svg%3E" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="ethereum price crypto news" decoding="async" data-lazy-src="https://cdn.thebittimes.com/images/2023/08/12/472515f3ab5ae759f4e49d6afa8bc33a.webp"> 
      <noscript> 
       <img width="1200" height="627" src="https://cdn.thebittimes.com/images/2023/08/12/472515f3ab5ae759f4e49d6afa8bc33a.webp" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="ethereum price crypto news" decoding="async" loading="lazy"> 
      </noscript> 
     </div> 
     <h6 class="mb-4">Crypto Telegram Channels List 2023 [Updated]</h6> <span>Must Read</span> 
    </div> 
    <div class="BoXtrendsI bg-white"> 
     <div class="ImgFrmI"> 
      <img width="1200" height="627" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201200%20627'%3E%3C/svg%3E" alt="ethereum price crypto news" decoding="async" data-lazy-src="https://cdn.thebittimes.com/images/2023/08/10/48cfebc8a0493db9937bed5dd005ee19.webp"> 
      <noscript> 
       <img width="1200" height="627" src="https://cdn.thebittimes.com/images/2023/08/10/48cfebc8a0493db9937bed5dd005ee19.webp" alt="ethereum price crypto news" decoding="async" loading="lazy"> 
      </noscript> 
     </div> 
     <h6 class="mb-4">Top 10 Web3 Games To Explore In 2023; Here List</h6> <span>Must Read</span> 
    </div> 
   </div> 
  </div> 
 </div> 
 <p>The bullish rectangle pattern signifies a strong uptrend that pauses before resuming its upward movement. It forms when the price moves sideways between two parallel horizontal lines, creating a box-like shape.</p> 
 <p>Traders can capitalize on this pattern by buying when the price breaks above the upper line, indicating a continuation of the bullish trend.</p> 
 <p>Note that, traders use the height of the rectangle to estimate the target price after the breakout. In this case, buy when <a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> has broken above $resistance at $31,450 and consider cashing out at $33,911.</p> 
 <p>Ahead of the rectangle breakout, investors may ride the wave to $31,430 by buying BTC as it recovers above the 50-day EMA (red) at $29,346.</p>  
 <div class="quads-location quads-ad124348 " id="quads-ad124348" style="float:none;text-align:center;padding:0px 0 0px 0;">   
 </div> 
 <p>If range support at $29,000 weakens, the MACD might confirm a sell signal instead, thus forcing&nbsp;<a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> to abandon the breakout above $30,000.</p> 
 <h2 id="miner-accumulation-to-precedes-bitcoin-price-rally">Miner Accumulation To Precedes Bitcoin Price Rally</h2> 
 <p>Discussions around major institutional investors like Blackrock entering the crypto market have continued to heat, especially with the Securities and Exchange Commission (SEC) deliberating approving the first exchange-traded product (SEC).</p> 
 <p>According to&nbsp;on-chain insights from CryptoQuant&nbsp;“… if ‘Token Transferred’ and ‘Velocity speed’ increase along with the price increase, this is likely a precursor to an upward rally.”</p> 
 <p>Meanwhile, miner activity implies that <a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> is consolidating ahead of the next bullish breakout. Past bullish cycles have shown that miners tend to accumulate ahead of the halving.</p> 
 <p>“Miners were sellers starting in Aug 2022 and finally starting on May 27 this year they started accumulating. Technically speaking, it’s in their best interest economically speaking to start accumulating before the halving which is scheduled for April 2024.”</p> 
 <figure id="attachment_156531" aria-describedby="caption-attachment-156531" style="width: 100%" class="wp-caption aligncenter"> 
  <img decoding="async" class="size-full wp-image-156531" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%20872%20544'%3E%3C/svg%3E" alt="Bitcoin price in range under $30k with support at $29k" width="872" height="544" data-lazy-src="https://cdn.thebittimes.com/images/2023/08/14/60a1f7ff23651b67f49175892fbbc799.webp"> 
  <noscript> 
   <img decoding="async" class="size-full wp-image-156531" src="https://cdn.thebittimes.com/images/2023/08/14/60a1f7ff23651b67f49175892fbbc799.webp" alt="Bitcoin price in range under $30k with support at $29k" width="872" height="544"> 
  </noscript> 
  <figcaption id="caption-attachment-156531" class="wp-caption-text">
    Bitcoin miner reserves 
  </figcaption> 
 </figure> 
 <p>However, there was a noticeable increase in BTC inflows into spot exchanges likely to have dampened the potential momentum from “muted outflows as price hovered in a tight range of 29k-$31k.</p> 
 <h3 id="related-articles">Related Articles</h3> 
 <ul> 
  <li>Shiba Inu Burn Rate Spikes Ahead Shibarium, SHIB Price To Rally?</li> 
  <li>Coinbase CEO Reveals App Issues Amid OnchainSummer Campaign</li> 
  <li>Coca-Cola Unveils New NFT Collection on Coinbase’s Base Blockchain</li> 
 </ul> 
</div>

Bitcoin Price Consolidating Ahead Of The Next Bullish Breakout

Daftar Isi

TheBitTimes

Artikel lain yang dipublikasikan pada 14 Agu 2023

CFTC Charges Crypto Fraudsters in Three US States

Hana Financial and FSS join hands to foster young digital talent

PayPal introduces Cryptocurrencies Hub feature

Synesis One launches the world's first NLP AI data crowdsourcing application on Solana Mainnet

Shiba Inu: Investment of $103 Turns Into $1 Million in 3 Years

Ex-SEC Official Answers if the Current SEC Will Approve Bitcoin ETF Application

Bergabunglah dengan buletin gratis kami untuk pembaruan kripto harian!