Crypto Market Sees BTC Price Surging to $30.2K High

On Aug. 9, Bitcoin (BTC) witnessed a sudden increase in price as it consolidated at an essential flip zone. This recent development in the crypto market has been the latest crypto news.

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BTC price toys with $29,700 “party” level

Data from Cointelegraph Markets Pro and TradingView indicated that BTC/USD was trading near $29,800 after a surge in Wall Street trading hours.

This followed a recovery from lows of under $28,700 and peaked at $30,210 — the highest August price for Bitcoin so far.

The change in sentiment impacted market participants’ expectations for the crypto market. Jelle, a popular trader, noted that BTC/USD had completed a bullish cross on the moving average convergence/divergence indicator on the one-day timeframe.

“That indeed was the higher low, Bitcoin continues to maintain a bullish market structure,” he commented on the sub-$28,000 run.

The day before, Michaël van de Poppe, founder and CEO of trading firm Eight, highlighted the significance of $29,700. “Bitcoin party starts when we break $29,700. Until then it’s just consolidation,” he said in his analysis.

Real time crypto trader and analyst Rekt Capital, however, was not so optimistic about the implications for BTC price strength on weekly timeframes.

“BTC is pressing beyond the ~$29250 level (black) which is positive. But historically, we’ve seeing upside wicking beyond this level to the ~$29900-$30100 resistance area,” he wrote alongside a chart showing relevant features.

Crypto Market and Bitcoin Whales

Observers of the recent spike in the crypto market have noted increased buying among Bitcoin whales.

Popular trader Skew monitored the push-pull between bulls and bears in real time, noting that whales had been using liquidity to sell BTC. He further suggested that late longs may be “chasing” the market.

In his latest X post, Skew emphasized that whales require thick liquidity to exit or close positions, often during a squeeze event, as evidenced by exchange data.