A Bitcoin trader reveals a “significant” BTC price area where the bulls are holding $29.3K

Bitcoin (BTC) faces a new battlefield as bulls and bears fight for control of the sideways market, says a well-known trader.

in part of his speech analysis On X (formerly Twitter) Aug 11, Daan Crypto Trades flagged a key level to be reclaiming as BTC price support.

A “highly contested” BTC price area is set for the grill

As the Bitcoin price breakout continues to fail, both bulls and bears of Bitcoin have been caught in a “highly contested” range, Daan Crypto Trades summed up.

This is the peak of the various flights above and below the current spot price, making the midpoint the level to watch next.

The status quo has basically been the same since mid-June – $28,500 as primary support, and $31,800 as resistance.

Thus, controlling the area around $29,700 is an essential step if the bulls are to build the momentum needed to change the landscape for good.

“It is quite clear that the $29.5-$29.7K area is an area that bulls and bears are hotly contesting,” writes Daan Crypto Trades.

“It’s an important area to keep watching.”

Annotated BTC/USD chart. Source: Daan Crypto Trades / X

The accompanying chart showed that BTC/USD is nevertheless struggling to return above the lower range, with few significant historical support lines between $28,500 and $29,500.

Thus the analysis correlates with other perspectives from recent weeks, which also focus on $28,500 or slightly below as a downside target.

Bitcoin traders are fighting on the exchanges

Focusing on short-term Bitcoin price events, meanwhile, fellow trader Skew highlighted just how crazy the mid-$29,000 region is currently for Bitcoin.

Related: Bitcoin Risks 15% Drop in October, But $100K Due in 2026 – Analysis

Stock exchange transactions showed large volume buying orders absorbing selling pressure on August 11th.

continuation, deviation described The immediate price action on the 4-hour timeframes is considered “soft” although it is holding above the various exponential moving averages (EMAs).

“Extreme price pressure here, a 5%+ price reaction is likely to come from here,” he added.

Annotated BTC/USD chart. Source: Skew/X

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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making a decision.