Bitcoin hits $30.2K August high amid warning longs ‘chasing’ BTC price

Jelle furthermore noted that on one-day timeframes, BTC/USD had actually finished a bullish cross on the moving average convergence/divergence sign.” Another item we can contribute to the list of bullish signals,” he commented after a similar one-month move at the end of July.The day prior, Michaël van de Poppe, founder and CEO of trading company Eight, meanwhile, stressed the significance of $29,700.” Bitcoin celebration begins when we break $29,700. Till then its just debt consolidation,” part of the days analysis argued, with van de Poppe consequently including that Bitcoin was close to doing so.Continuing, popular trader and expert Rekt Capital remained cool on the implications for BTC price strength on weekly timeframes.” BTC is pressing beyond the ~$ 29250 level (black) which is favorable. Historically, weve seeing upside wicking beyond this level to the ~$ 29900-$ 30100 resistance area,” he composed alongside a chart revealing pertinent features. “This time so far, BTC has upside wicked to ~$ 30200. Bearish is the rejection is strong enough to press price down below ~$ 29250 and Weekly Close listed below there. If BTC would be able to dip into ~$ 29250 and hold it as assistance, that would be a more bullish cost development.” BTC/USD annotated chart. Source: Rekt Capital/XBitcoin whales get activeAnalyzing the motivation for the spike greater, observers soon noted increased purchasing among numerous classes of Bitcoin whales.Related: Bitcoin cost can go complete bull next month if 200-week trendline stays #FireCharts 2.0( beta) reveals the minute Purple Whales chose to transform a $20M #BTC bid ladder into market orders that began this rally the other day. Purple continued buying upwards of $50M so far, on the other hand, a Brown Mega Whale simply signed up with the celebration with a $2M market buy order as … pic.twitter.com/v1HM1QcR97— Material Indicators (@MI_Algos) August 8, 2023

Popular trader Skew kept an eye on derivatives markets, covering the push-pull between bulls and bears ongoing at the time of writing.Shorts offering up already? This bounce here on LTF is driven by shorts closing out on coin margin & & usdt marginOI down & & perp delta/ CVD up letting this LTF range balance out some more$ BTC– Skew Δ (@ 52kskew) August 9, 2023

Alter even more noted that whales had been utilizing liquidity to sell BTC, including that late longs might be “chasing” the market.

“That certainly was the greater low, Bitcoin continues to keep a bullish market structure,” popular trader Jelle said in part of an X post about the sub-$ 28,000 run.” That indeed was the higher low, #Bitcoin continues to maintain a bullish market structure.Needs to break $32,000 from here, lets see if this bounce has any legs.What are we thinking kids? Purple continued purchasing upwards of $50M so far, meanwhile, a Brown Mega Whale simply signed up with the party with a $2M market buy order as … pic.twitter.com/v1HM1QcR97— Material Indicators (@MI_Algos) August 8, 2023

Skew further noted that whales had been utilizing liquidity to offer BTC, including that late longs could be “going after” the market.”Whales require quite thick liquidity to exit or close positions & & most frequently this is throughout a squeeze occasion,” part of his latest X post specified together with exchange data.Bitcoin exchange data annotated charts. Source: Skew/XMagazine: Deposit risk: What do crypto exchanges really make with your money?This article does not include financial investment suggestions or recommendations. Every investment and trading move includes threat, and readers ought to perform their own research study when deciding.

Bitcoin (BTC) consolidated at a key flip zone on Aug. 9 as BTC price strength staged an abrupt return.BTC/ USD 1-hour chart. “That certainly was the greater low, Bitcoin continues to keep a bullish market structure,” popular trader Jelle said in part of an X post about the sub-$ 28,000 run.” That indeed was the higher low, #Bitcoin continues to keep a bullish market structure.Needs to break $32,000 from here, lets see if this bounce has any legs.What are we believing kids?

Other Questions People Ask

What does Bitcoin hitting $30.2K in August indicate for traders chasing BTC price?

Bitcoin reaching $30.2K signals a potential bullish trend, but traders should be cautious about chasing the price. As noted by experts, the critical resistance level around $29,700 must be broken for a sustained rally. Traders should monitor market indicators and whale activity to gauge whether this upward momentum can be maintained.

How are Bitcoin whales influencing the price as it hits $30.2K in August?

Increased purchasing activity among Bitcoin whales has contributed to the price surge to $30.2K. Observers noted that these large holders are utilizing liquidity to sell BTC, which could indicate a strategic exit or profit-taking. This behavior suggests that while the price is rising, there may be underlying volatility as whales adjust their positions.

What are the implications of Bitcoin's bullish signals as it approaches $30.2K?

The bullish signals observed as Bitcoin approaches $30.2K include a favorable moving average convergence/divergence cross and sustained support above key levels. Analysts emphasize that maintaining support around $29,250 is crucial for further upward movement. If Bitcoin can hold this level, it may pave the way for a breakout beyond $32,000.

Why is there a warning for traders chasing Bitcoin's price at $30.2K?

The warning for traders chasing Bitcoin's price at $30.2K stems from the potential for a strong rejection if the price fails to hold above key support levels. Experts like Rekt Capital highlight that a significant drop below $29,250 could indicate bearish sentiment returning to the market. Traders should exercise caution and consider waiting for confirmation of a bullish trend before entering new positions.

What should traders consider when Bitcoin hits $30.2K amid market volatility?

Traders should consider the overall market sentiment and the behavior of Bitcoin whales when the price hits $30.2K. The current volatility suggests that while there are bullish indicators, there is also a risk of profit-taking and market corrections. Keeping an eye on key support levels and whale activity can provide valuable insights into potential price movements.