BTC’s price strength attempts a comeback, but bulls run out of steam after briefly storming through key resistance levels.
Bitcoin (BTC) spiked above $30,000 on Aug. 2 as a tour of its trading range saw BTC price volatility return.
Bitcoin comes full circle after trip to $30,000
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as buyers staged a brief rally through key resistance.
Local highs of $30,025 were short-lived, with bulls unable to maintain momentum or hold the market above levels previously identified as pivot points.
These included both $30,000 and $29,500, with Bitcoin trading below both at the time of writing.
“I’d like to see $29.3K hold on LTF and then a clean break through $30K,” Michaël van de Poppe, founder and CEO of trading firm Eight, wrote in part of his latest analysis.
Popular trader Skew revealed the impetus behind the overnight action, with market makers and market takers battling it out to steer trajectory on lower timeframes.
$BTC LTF signals (when using Delta/CVDs & Orderbook software)
— Skew Δ (@52kskew) August 2, 2023
Price action & market participation is very important in understanding price direction as well when rotations or mean reversions occur
You have two types of market participants
Makers & Takers
Makers use limit… https://t.co/CM9SRaG6x3 pic.twitter.com/PiCUxvNOao
Skew added that the four-hour chart was “so far looking like a classic SFP into a HTF S/R,” referencing a swing failure pattern and high-timeframe support/resistance flip, respectively.
“Price currently testing 4H high prior to the dump Liquidity & trend confirmation likely lower,” he forecast.
Fellow trader and analyst Rekt Capital, meanwhile, stuck by an existing theory that $29,250 was the line in the sand for bulls to hold onto.
“This recent bounce means that BTC looks to have reclaimed ~$29250 as support,” part of his most recent Twitter update summarized.
“However, the moment it turns into resistance is the moment that we could expect lower prices. For now, ~$29250 continues to hold.”
BTC’s price rising trend line remains intact
Updating his own roadmap for BTC price action, meanwhile, chartered market technician Aksel Kibar hinted that current support levels were more reliable than some believed.
Related: Bitcoin price risks $25K dip despite ‘macro pivot point’ — New analysis
Of interest on the day was $28,400, with Kibar’s target for upside lying at $34,000.
“BTCUSD Seems like the trend line is a valid one as it is recognized by market participants,” he tweeted alongside a chart.
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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.
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