In a thrilling turn of events, the BTC Price momentarily shot past the $30,000 mark on August 2nd. This whirlwind tour of the trading range brought a much-needed jolt of volatility back to the BTC Price.
The BTC Price rally was a fleeting spectacle, with local highs of $30,025. However, the bulls couldn’t sustain the momentum, failing to keep the market above crucial pivot points, including both $30,000 and $29,500. At the time of writing, the BTC Price had slipped below these levels.
Michaël van de Poppe, the founder and CEO of trading firm Eight, expressed his hopes for the BTC Price in his latest analysis. “I’d like to see $29.3K hold on LTF and then a clean break through $30K,” he wrote.
Market Makers and Takers: The Driving Force
The overnight action was a tug-of-war between market makers and takers, each vying to steer the BTC Price trajectory on lower timeframes. Skew, a popular trader, highlighted the importance of price action and market participation in understanding price direction.
Skew further noted that the four-hour chart appeared to be a classic swing failure pattern into a high-timeframe support/resistance flip. “Price currently testing 4H high prior to the dump. Liquidity & trend confirmation likely lower,” he predicted.
The Bull’s Line in the Sand
Rekt Capital, another trader and analyst, maintained that $29,250 was the critical level for bulls to defend. “This recent bounce means that BTC looks to have reclaimed ~$29250 as support,” he tweeted. “However, the moment it turns into resistance is the moment that we could expect lower prices. For now, ~$29250 continues to hold.”
BTC Price Trend Line Holds Strong
Aksel Kibar, a chartered market technician, suggested that the current support levels for the BTC Price might be more reliable than some believe. He pointed out that the rising trend line remains intact, with his 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.