Bitcoin bears ‘in control but exhausted’ as BTC price retakes $29K

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<p>Bitcoin (BTC) recovered above $29,000 on Aug. 8 as one trader eyed a potential breakout already underway.</p>
<figure><img decoding="async" src="https://s3.cointelegraph.com/uploads/2023-08/605952b7-e2c1-4d15-b1d9-620f774d95eb.png" /><figcaption><em>BTC/USD 1-hour chart. Source: TradingView</em></figcaption></figure>
<h2>BTC price teases falling wedge breakout </h2>
<p>Data from Cointelegraph Markets Pro and TradingView followed a modest BTC price rebound after it set local lows of $28,670.</p>
<p>Still in a tight range, Bitcoin largely followed United States equities during the Aug. 7 Wall Street trading session.</p>
<p>Despite a lack of enduring momentum in either direction, market participants looked for signals that a return of some sort of trend could already be here.</p>
<p>For popular trader Jelle, these took the form of a potential falling wedge breakout on daily timeframes.</p>
<p>“This current formation has a target of $32,000. Can it break the key resistance?” he <a href="https://twitter.com/CryptoJelleNL/status/1688807683967614976/photo/1" target="_blank" rel="noopener nofollow">queried</a> in part of the day’s analysis.</p>
<p>The wedge in question began at the start of July and marks Bitcoin’s second in as many months, another being in place from April toward the end of June.</p>
<figure><img decoding="async" src="https://s3.cointelegraph.com/uploads/2023-08/94fc6748-6fbd-41d0-8fcf-85e6df2eea9a.png" alt="" title="" /><figcaption><em>BTC/USD annotated chart. Source: Jelle/X (Twitter)</em></figcaption></figure>
<p>Michaël van de Poppe, founder and CEO of trading firm Eight, <a href="https://twitter.com/CryptoMichNL/status/1688635629058347008" target="_blank" rel="noopener nofollow">called</a> the previous day’s downside a “standard correction.”</p>
<p>“Immediately flipped back, decent daily candle. Let’s see what CPI will bring on Thursday,” he added.</p>
<p>Van de Poppe referenced the main macro event of the week — the July print of the U.S. Consumer Price Index (CPI) — which is traditionally a crypto market volatility catalyst.</p>
<p>On intraday timeframes, the picture was mixed as ever, as a game played out between market makers and takers on exchanges.</p>
<blockquote>
<p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <br />Takers cut &amp; sold what was bought earlier https://t.co/8plHMTnbEu <a href="https://t.co/DtxKDjIxrF">pic.twitter.com/DtxKDjIxrF</a></p>
<p>— Skew Δ (@52kskew) <a href="https://twitter.com/52kskew/status/1688816359533383680?ref_src=twsrc%5Etfw">August 8, 2023</a></p></blockquote>
<p>“Failure to breakdown forced hands especially from spot takers to be bid especially since spot takers led the sell off in the first place (relating to the spot buying around $29K),” popular trader Skew <a href="https://twitter.com/52kskew/status/1688798190458540032" target="_blank" rel="noopener nofollow">explained</a>.</p>
<h2>Analysis: Bitcoin “close to being oversold”</h2>
<p>In a more optimistic market summary, Yann Allemann and Jan Happel, co-founders of on-chain analytics firm Glassnode, suggested that the sub-$28,000 dip had more significance as a local bottom than many realized.</p>
<p><strong><em>Related: Bitcoin price can go ‘full bull’ next month if 200-week trendline stays</em></strong></p>
<p>As per the Risk Signal metric, Bitcoin is at its most “high-risk” trading level for several months. </p>
<p>Coupled with a neutral signal on altcoins amid overall volatility near its lowest-ever values, the market is ripe for galvanized bulls to step in, Glassnode argued.</p>
<p>“Bears in control, but getting exhausted,” part of an X (formerly Twitter) post featuring the relevant charts <a href="https://twitter.com/Negentropic_/status/1688597601690566660/photo/1" target="_blank" rel="noopener nofollow">read</a>. </p>
<blockquote><p>“Bitcoin is close to being oversold, we’re going to tap the liquidity pool (demand) around $28.5k. This could be the reversal we were hoping for.”</p></blockquote>
<figure><img decoding="async" src="https://s3.cointelegraph.com/uploads/2023-08/710de8f3-c856-4b0f-a2ed-7564e6d8c4c0.png" alt="" title="" /><figcaption><em>Bitcoin, alt metrics comparison. Source: Yann Allemann/Jan Happel/X</em></figcaption></figure>
<p><strong><em>Magazine: Deposit risk: What do crypto exchanges really do with your money?</em></strong></p>
<p>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.
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<br /><a href="https://cointelegraph.com/news/bitcoin-bears-control-exhausted-btc-price-29k">Source link </a></p><p>The post <a href="https://forextraderhub.com/bitcoin-bears-in-control-but-exhausted-as-btc-price-retakes-29k.html">Bitcoin bears ‘in control but exhausted’ as BTC price retakes $29K</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>