Aug 11, 2023

Crypto Trader Reveals ‘Important’ BTC Price Zone as Bulls Hold $29.3K

Daan Crypto Trades recently shared his analysis on X (formerly Twitter) regarding Bitcoin (BTC) and its sideways market, noting a key level to reclaim as BTC price support. The crypto market is currently in a heated battle between bulls and bears, making it difficult to predict the next move for BTC. However, with the help…

Crypto trader reveals 'important' Bitcoin price zone as bulls hold $29.3K.
Bitcoin trader reveals ‘important’ BTC price zone as bulls hold $29.3K

Daan Crypto Trades recently shared his analysis on X (formerly Twitter) regarding Bitcoin (BTC) and its sideways market, noting a key level to reclaim as BTC price support.

The crypto market is currently in a heated battle between bulls and bears, making it difficult to predict the next move for BTC. However, with the help of latest crypto predictions and analysis, traders can stay informed and make the best decisions.

Celsius Crypto, Crypto.com, Voyager Crypto, Luna Crypto, and other crypto platforms are offering valuable insights into the crypto market, helping traders to stay one step ahead.

“Strongly contested” BTC price zone set for a grilling

Daan Crypto Trades noted that Bitcoin bulls and bears are currently stuck in a “strongly contested” range, as breakouts from the current spot price have been unsuccessful.

The midpoint of this range has been the same since mid-June — $28,500 as the fundamental support and $31,800 as the resistance.

Therefore, gaining control of the area around $29,700 is essential for the bulls if they want to make a lasting change in the crypto market.

“Pretty clear that the $29.5–29.7K region is an area that’s strongly contested by the bulls and bears,” Daan Crypto Trades said.

The chart they provided showed that BTC/USD is trying to go back above the lower boundary, however, there is no significant historical support between $28,500 and $29,500.

This analysis is in line with other crypto predictions from the recent weeks, which suggest that $28,500 or slightly lower could be the downside target.

Bitcoin traders fight it out on exchanges

Focusing on short-term BTC price events, fellow trader Skew highlighted just how frenetic the mid-$29,000 zone currently is for Bitcoin exchange trades.

Large-volume bids were absorbing sellside pressure on Aug. 11 as the crypto market saw tight price compression, likely leading to a 5%+ price reaction.

Skew provided an analysis of spot price action on four-hour timeframes, noting that it was weak despite holding above various exponential moving averages (EMAs).

As the crypto predictions and latest crypto news continue to come in, traders are paying close attention to the crypto.com and luna crypto markets.

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