BTC price risks new sub-$29K dip as Binance fears test Bitcoin bulls
Bitcoin (BTC) dipped listed below $29,000 on Aug. 3 as market concerns over largest worldwide exchange Binance reignited BTC cost downside.BTC/ USD 1-hour chart. Source: TradingViewBTC price analysis “anticipates” support retestData from Cointelegraph Markets Pro and TradingView showed BTC price action heading lower before a modest return into the Wall Street open.Rumors over new United States legal action against Binance produced a frustrating 24 hours for Bitcoin bulls after a brief trip above $30,000. With the trading range still firmly in location, monitoring resource Material Indicators anticipated an additional bearish support retest to come.Want to know what changed on the #Bitcoin Daily chart in the U.S. over night hours?According to the #TrendPrecognition algos, the likelihood of a disadvantage move in the Daily TF increased from >> 75% to >> 84%. Anticipating to test support at the trendline. #NFA https://t.co/FtR25ruHHr pic.twitter.com/34v1OoZgp9— Material Indicators (@MI_Algos) August 3, 2023
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Bitcoin (BTC) dipped below $29,000 on Aug. 3 as market concerns over largest worldwide exchange Binance reignited BTC cost downside.BTC/ USD 1-hour chart. Source: TradingViewBTC cost analysis “anticipates” assistance retestData from Cointelegraph Markets Pro and TradingView showed BTC rate action heading lower prior to a modest return into the Wall Street open.Rumors over brand-new United States legal action against Binance made for a disappointing 24 hours for Bitcoin bulls after a quick journey above $30,000.” If youre surprised, baffled or believe the bi-directional volatility is over then you have not been paying attention,” part of prior analysis read.Popular trader Daan Crypto Trades meanwhile recommended that current BTC rate behavior was merely the extension of an all-too-familiar pattern.The previous few weeks have actually been all the same.1.” Ive said it prior to however Ill say it once again … The longer price hovers around here, the bigger the relocation following it, will be,” he included on the day.Others made light of the Binance narrative.
” Ive stated it before however Ill state it again … The longer rate hovers around here, the larger the move following it, will be,” he included on the day.Others made light of the Binance narrative.” Ive heard about the bank run/insolvency threat on Binance a hundred times for years, but their user balances constantly inform a different story,” he tweeted along with charts showing the exchanges BTC and Ether (ETH) reserves.Binance BTC, ETH reserves charts. Bitcoin Historical Volatility Index (BVOL) 1-week chart.
” If youre shocked, confused or believe the bi-directional volatility is over then you have not been paying attention,” part of prior analysis read.Popular trader Daan Crypto Trades meanwhile recommended that present BTC price habits was simply the extension of an all-too-familiar pattern.The past few weeks have actually been all the very same.1. Price grinds down2. Shorts get aggressive3. Shorts get squeezed/Price goes up4. Spot starts selling5. Price rolls over.Rinse & & Repeat.Until spot starts bidding after these squeezes well simply keep doing these complete retraces. pic.twitter.com/vGgKUFI00f— Daan Crypto Trades (@DaanCrypto) August 2, 2023