Bitcoin bears ‘in control but exhausted’ as BTC price retakes $29K
Bitcoin (BTC) recovered above $29,000 on Aug. 8 as one trader eyed a potential breakout already underway.
Data from Cointelegraph Markets Pro and TradingView followed a modest BTC price rebound after it set local lows of $28,670.
Still in a tight range, Bitcoin largely followed United States equities during the Aug. 7 Wall Street trading session.
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.
For popular trader Jelle, these took the form of a potential falling wedge breakout on daily timeframes.
“This current formation has a target of $32,000. Can it break the key resistance?” he queried in part of the day’s analysis.
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.
Michaël van de Poppe, founder and CEO of trading firm Eight, called the previous day’s downside a “standard correction.”
“Immediately flipped back, decent daily candle. Let’s see what CPI will bring on Thursday,” he added.
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.
On intraday timeframes, the picture was mixed as ever, as a game played out between market makers and takers on exchanges.
$BTC Takers cut & sold what was bought earlier https://t.co/8plHMTnbEu pic.twitter.com/DtxKDjIxrF
“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 explained.
In a more optimistic market summary, Yann
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