Bitcoin (BTC) faces a new battleground as bulls and bears fight for control of a sideways market, one popular trader says.
In part of his latest талдоо on X (formerly Twitter) on Aug. 11, Daan Crypto Trades flagged a key level to reclaim as BTC price support.
“Strongly contested” BTC price zone set for a grilling
With BTC price breakouts continually failing, both Bitcoin bulls and bears are caught in a “strongly contested” range, Daan Crypto Trades summarized.
This is the culmination of various trips above and below current spot price, making the midpoint the level to watch next.
The status quo has essentially remained the same since mid-June — $28,500 as fundamental support, $31,800 as resistance.
Gaining control of the area around $29,700 is thus an essential move if bulls are to build the necessary momentum to change the landscape for good.
"29.5–29.7 миң долларлык аймак букалар менен аюулар катуу талашып жаткан аймак экени айкын", - деп жазган Даан Crypto Trades.
“It’s an important area to keep watching.”
An accompanying chart showed BTC/USD nonetheless fighting to return above the range low, with little significant historical support lines between $28,500 and $29,500.
The analysis thus ties in with other perspectives from recent weeks, these likewise focusing on $28,500 or slightly lower as a downside target.
Bitcoin traders fight it out on exchanges
Focusing on short-term BTC price events, meanwhile, fellow trader Skew highlighted just how frenetic the mid-$29,000 zone currently is for Bitcoin.
Байланышкан: Биткойн октябрь айына чейин 15% ылдыйлоо коркунучу бар, бирок 100 миң доллар 2026-жылы төлөнүшү керек — Талдоо
Exchange trades showed large-volume bids absorbing sellside pressure on Aug. 11.
$ BTC
and now they’re puking the bag lol https://t.co/XkGxu5OsEf pic.twitter.com/fpqf5PmzIC— Skew Δ (@52kskew) August 11, 2023
Continuing, Skew сүрөттөлгөн spot price action on four-hour timeframes as “weak” despite holding above various exponential moving averages (EMAs).
“Tight price compression here, likely a 5% + price reaction is coming from here,” he added.
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Бул макалада инвестициялык кеңештер же сунуштар камтылбайт. Ар бир инвестиция жана соода кыймылы тобокелчиликти камтыйт жана чечим кабыл алууда окурмандар өз алдынча изилдөө жүргүзүшү керек.
Source: https://cointelegraph.com/news/bitcoin-trader-btc-price-zone-bulls-hold-29-k