{"id":21104,"date":"2023-08-12T15:05:16","date_gmt":"2023-08-12T15:05:16","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-has-bottomed-despite-astonishing-btc-price-action-analyst\/"},"modified":"2023-08-12T15:05:18","modified_gmt":"2023-08-12T15:05:18","slug":"bitcoin-has-bottomed-despite-astonishing-btc-price-action-analyst","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-has-bottomed-despite-astonishing-btc-price-action-analyst\/","title":{"rendered":"Bitcoin has bottomed despite ‘astonishing’ BTC price action \u2014 Analyst"},"content":{"rendered":"
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Bitcoin (BTC) further ground down volatility into Aug. 12 as \u201castonishing\u201d BTC price action stayed in place.<\/p>\n

BTC\/USD 1-hour chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

Bitcoin: “Classic weekend chop” expected<\/h2>\n

Data from Cointelegraph Markets Pro and TradingView followed a flat Bitcoin trading environment as the weekend began.<\/p>\n

After displaying only muted reactions to the week\u2019s United States macroeconomic data prints, BTC\/USD held firm near $29,500 \u2014 a key battleground between bulls and bears.<\/p>\n

\u201cExpecting just another classic weekend chop around the CME close price,\u201d popular trader Daan Crypto Trades wrote<\/a> in part of his latest analysis, referencing the closing price of CME Bitcoin futures markets at $29,465.<\/p>\n

BTC\/USD annotated chart. Source: Daan Crypto Trades\/X<\/em><\/figcaption><\/figure>\n

The lack of movement throughout the week meanwhile surprised longtime market participants, including Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight.<\/p>\n

\u201cExtremely astonishing PA on Bitcoin lately,\u201d he summarized<\/a> on the day. <\/p>\n

\u201cI’m still favouring upwards momentum to come and I think we’ve bottomed + are not getting that heavy correction. If we lose $29K however, then I’ll be a buyer at $28.2K. Flip $29.7K = party time.\u201d<\/p><\/blockquote>\n

BTC\/USD annotated chart. Source: Micha\u00ebl van de Poppe\/X<\/em><\/figcaption><\/figure>\n

Investigating exchanges, Maartunn, a contributor to on-chain analytics platform CryptoQuant, eyed long positions appearing from Bitcoin whales.<\/p>\n

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Another massive long position; this time on #Deribit<\/a>https:\/\/t.co\/yypUpVraIM https:\/\/t.co\/rztixskt4a pic.twitter.com\/AIlG6kwwey<\/a><\/p>\n

\u2014 Maartunn (@JA_Maartun) August 12, 2023<\/a><\/p><\/blockquote>\n

For monitoring resource Material Indicators, however, the Binance BTC\/USD order book signalled that the rangebound status quo would likely endure.<\/p>\n

\u201cVolatility might start percolating as we near the weekly Close\/Open. Still feels like buy the dip, sell the rip conditions,\u201d part of accompanying commentary stated<\/a>.<\/p>\n

BTC\/USD order book data for Binance. Source: Material Indicators\/X<\/em><\/figcaption><\/figure>\n

BTC price approaches “historic compression”<\/h2>\n

Analyzing the lack of volatility on Bitcoin, the trading community reasoned that an equally powerful return to trend should result.<\/p>\n

Related:\u00a0Bitcoin price can go \u2018full bull\u2019 next month if 200-week trendline stays<\/em><\/strong><\/p>\n

“Bitcoin approaching historic 3W compression levels above 20 MA. Tick tock,” popular trader TechDev predicted<\/a>, referencing the 20-period moving average on three-week timeframes.<\/p>\n

An accompanying chart showed BTC price behavior following similar episodes in the past, these totaling just four since Bitcoin’s creation.<\/p>\n

“Historic compression leads to historic expansion…imagine looking at this chart and thinking ‘yea, 10k incoming,'” fellow trader Credible Crypto responded<\/a>. <\/p>\n

“A ticking time-bomb till bear extinction.”<\/p><\/blockquote>\n

BTC\/USD annotated chart. Source: TechDev\/X<\/em><\/figcaption><\/figure>\n

Magazine: Deposit risk: What do crypto exchanges really do with your money?<\/em><\/strong><\/p>\n

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<\/div>\n