Bitcoin bulls falter after BTC price briefly spikes through $30K
Bitcoin (BTC) spiked above $30,000 on Aug. 2 as a tour of its trading range saw BTC price volatility return.
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.
$BTC LTF signals (when using Delta/CVDs & Orderbook software)Price action & market participation is very important in understanding price direction as well when rotations or mean reversions occurYou have two types of market participantsMakers & Takers Makers use limit… https://t.co/CM9SRaG6x3 pic.twitter.com/PiCUxvNOao
Skew added that the 4-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.
“Price currently testing 4H high prior to the dump Liquidity & trend confirmation likely lower,” he forecast.
Fellow trader and analyst Rekt Capital meanwhile stuck by an existing theory that $29,250 was the line in the sand for bulls to hold onto.
“This recent bounce means that $BTC looks to have reclaimed ~$29250 as support,” part of his most recent Twitter update summarized.
Upating his own roadmap for BTC price action, meanwhile,
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