Bitcoin bulls falter after BTC price briefly spikes through $30K

Bitcoin bulls falter after BTC price briefly spikes through $30K

BTC’s price strength attempts a comeback, but bulls run out of steam after briefly storming through key resistance levels. 

 

Bitcoin $29,096spiked above $30,000 on Aug. 2 as a tour of its trading range saw BTC price volatility return.

 

BTC/USD 1-hour chart. Source: TradingView

Bitcoin comes full circle after trip to $30,000

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as buyers staged a brief rally through key resistance.

Local highs of $30,025 were short-lived, with bulls unable to maintain momentum or hold the market above levels previously identified as pivot points.

These included both $30,000 and $29,500, with Bitcoin trading below both at the time of writing.

“I’d like to see $29.3K hold on LTF and then a clean break through $30K,” Michaël van de Poppe, founder and CEO of trading firm Eight, wrote in part of his latest analysis.

Popular trader Skew revealed the impetus behind the overnight action, with market makers and market takers battling it out to steer trajectory on lower timeframes.

 

Skew added that the four-hour chart was “so far looking like a classic SFP into a HTF S/R,” referencing a swing failure pattern and high-timeframe support/resistance flip, respectively.


 

 

Source : [Bitcoin bulls falter after BTC price briefly spikes through $30K](cointelegraph.com/news/bitcoin-btc-price-briefly-spikes-30k) by Cointelegraph By William Suberg - 70Cointelegraph.com News by Cointelegraph By William Suberg / August 02, 2023

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