Bitcoin bottomed out despite ‘incredible’ BTC price action – Analyst

Bitcoin (BTC) increased volatility on August 12 as the “spectacular” BTC price action remained in place.

BTC/USD hourly chart. Source: TradingView

Bitcoin: Expect a “classic weekend chop”

Data from Cointelegraph Markets Pro and TradingView A flat Bitcoin trading environment followed as the weekend started.

After showing only muted reactions to the week’s US macro data prints, the BTC/USD pair has settled near $29,500 – a key battleground between the bulls and bears.

“We’re just expecting another classic weekend drop around the CME closing price,” says popular trader Daan Crypto Trades. books In part of his recent analysis, he cited the CME Bitcoin futures market closing price of $29,465.

Annotated BTC/USD chart. Source: Daan Crypto Trades / X (formerly Twitter)

Meanwhile, the lack of movement throughout the week surprised longtime market participants, including Michael Van de Poppe, founder and CEO of trading firm Eight.

“A very amazing PA on Bitcoin lately,” he said summary Per day.

“I still support the upcoming bullish momentum and I think we hit the bottom + we didn’t get that heavy correction. However, if we lose $29k I would be a buyer at $28.2k. Flip $29.7k = party time.”

Annotated BTC/USD chart. Source: Michael van de Poppe / X

While investigating the exchanges, Maartunn, a contributor to the on-chain analytics platform CryptoQuant, looked into the long positions that appear from Bitcoin whales.

However, keeping an eye on resource material trends, the Binance BTC/USD order book indicated that the status quo of range trading is likely to persist.

“Volatility may start to seep in as we get closer to the weekly close/open. Still feels like buying on dips, selling on rip off conditions,” as part of the accompanying commentary advertiser.

Binance BTC/USD order book data. Source: Material Indicators / X

BTC price nearing ‘historic pressure’

Upon analyzing the lack of volatility in Bitcoin, the trading community has concluded that this should result in an equally strong return to the trend.

Related: Bitcoin Price Could Hit a “Full Bull” Next Month If It Holds the 200-Week Trend Line

“Bitcoin Approaching Historic 3W Squeeze Levels Above 20 MA. Tick tock,” Popular Trader TechDev and expectwith reference to the 20-period moving average on the three-week timeframes.

The accompanying chart showed the behavior of the BTC price after similar episodes in the past, totaling just four since Bitcoin was created.

“Historic pressure drives historical expansion… imagine looking at this chart and thinking ‘yeah, 10k incoming’,” said fellow trader Credible Crypto. answered.

“A ticking time bomb until enduring extinction.”

Annotated BTC/USD chart. Source: TechDev/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.