{"id":12799,"date":"2023-08-09T13:23:38","date_gmt":"2023-08-09T13:23:38","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=12799"},"modified":"2023-08-09T13:23:39","modified_gmt":"2023-08-09T13:23:39","slug":"bitcoin-hits-30-2k-august-high-amid-warning-longs-chasing-btc-price","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=12799","title":{"rendered":"Bitcoin hits $30.2K August high amid warning longs \u2018chasing\u2019 BTC price"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) consolidated at a key flip zone on Aug. 9 as BTC price strength staged a sudden return.<\/p>\n<p><em>BTC\/USD 1-hour chart. Source: TradingView<\/em><\/p>\n<h2>BTC price toys with $29,700 \u201cparty\u201d level<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD trading near $29,800 after a surge during the previous day\u2019s Wall Street trading hours.<\/p>\n<p>That followed a recovery from local lows under $28,700\u00a0and topped out only after a trip to $30,210 \u2014 Bitcoin\u2019s highest August price so far.<\/p>\n<p>The rapid change in mood soon impacted market participants\u2019 expectations for the market. <\/p>\n<p>\u201cThat indeed was the higher low, Bitcoin continues to maintain a bullish market structure,\u201d popular trader Jelle said in part of an X post about the sub-$28,000 run.<\/p>\n<p>\u201cNeeds to break $32,000 from here, let\u2019s see if this bounce has any legs.\u201d<\/p>\n<p lang=\"en\" dir=\"ltr\">That indeed was the higher low, #Bitcoin continues to maintain a bullish market structure.<\/p>\n<p>Needs to break $32,000 from here, let&#8217;s see if this bounce has any legs.<\/p>\n<p>What are we thinking boys? https:\/\/t.co\/dDi723NBhY pic.twitter.com\/zEDOCTJhW6<\/p>\n<p>\u2014 Jelle (@CryptoJelleNL) August 9, 2023<\/p>\n<p>Jelle additionally noted that on one-day timeframes, BTC\/USD had completed a bullish cross on the moving average convergence\/divergence indicator.<\/p>\n<p>\u201cAnother item we can add to the list of bullish signals,\u201d he commented after a similar one-month move at the end of July.<\/p>\n<p>The day prior, Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, meanwhile, stressed the significance of $29,700.<\/p>\n<p>\u201cBitcoin party starts when we break $29,700. Until then it\u2019s just consolidation,\u201d part of the day\u2019s analysis argued, with van de Poppe subsequently adding that Bitcoin was close to doing so.<\/p>\n<p>Continuing, popular trader and analyst Rekt Capital remained cool on the implications for BTC price strength on weekly timeframes.<\/p>\n<p>\u201cBTC is pressing beyond the ~$29250 level (black) which is positive. But historically, we\u2019ve seeing upside wicking beyond this level to the ~$29900-$30100 resistance area,\u201d he wrote alongside a chart showing relevant features. <\/p>\n<p>\u201cThis time so far, BTC has upside wicked to ~$30200. Bearish is the rejection is strong enough to push price down below ~$29250 and Weekly Close below there. However, if BTC would be able to dip into ~$29250 and hold it as support, that would be a more bullish price development.\u201d<em>BTC\/USD annotated chart. Source: Rekt Capital\/X<\/em><\/p>\n<h2>Bitcoin whales get active<\/h2>\n<p>Analyzing the impetus for the spike higher, observers soon noted increased buying among various classes of Bitcoin whales.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin price can go \u2018full bull\u2019 next month if 200-week trendline stays<\/em><\/strong><\/p>\n<p lang=\"en\" dir=\"ltr\">#FireCharts 2.0(beta) shows the moment Purple Whales decided to convert a $20M #BTC bid ladder into market orders that started this rally yesterday. Purple continued buying upwards of $50M so far, meanwhile, a Brown Mega Whale just joined the party with a $2M market buy order as\u2026 pic.twitter.com\/v1HM1QcR97<\/p>\n<p>\u2014 Material Indicators (@MI_Algos) August 8, 2023<\/p>\n<p>Popular trader Skew kept an eye on derivatives markets, covering the push-pull between bulls and bears ongoing at the time of writing.<\/p>\n<p lang=\"en\" dir=\"ltr\">Shorts giving up already? <\/p>\n<p>This bounce here on LTF is driven by shorts closing out on coin margin &amp; usdt margin<\/p>\n<p>OI down &amp; perp delta \/ CVD up <\/p>\n<p>letting this LTF range balance out some more$BTC<\/p>\n<p>\u2014 Skew \u0394 (@52kskew) August 9, 2023<\/p>\n<p>Skew further noted that whales had been using liquidity to sell BTC, adding that late longs could be \u201cchasing\u201d the market.<\/p>\n<p>\u201cWhales require quite thick liquidity to exit or close positions &amp; most often this is during a squeeze event,\u201d part of his latest X post stated alongside exchange data.<\/p>\n<p><em>Bitcoin exchange data annotated charts. Source: Skew\/X<\/em><\/p>\n<p><strong><em>Magazine: Deposit risk: What do crypto exchanges really do with your money?<\/em><\/strong><\/p>\n<p class=\"post-content__disclaimer\">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<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-august-high-warning-longs-chasing-btc-price\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) consolidated at a key flip zone on Aug. 9 as BTC price strength staged a sudden return. BTC\/USD 1-hour chart. Source: TradingView BTC price toys with $29,700 \u201cparty\u201d level Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD trading near $29,800 after a surge during the previous day\u2019s Wall Street trading hours. That [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12800,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-12799","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12799","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12799"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12799\/revisions"}],"predecessor-version":[{"id":12801,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12799\/revisions\/12801"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/12800"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12799"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12799"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12799"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}