Bitcoin (BTC), which was weakened by familiar resistance, consolidated lower on August 9. The trading range lasted for several months.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
Bitcoin climbs the whale price ladder
Cointelegraph Markets Pro and TradingView data showed that BTC/USD fell below $24,000 overnight after it rejected close to $24,200.
The pair saw rapid gains to begin the week, but momentum waned as the top trading range since mid-June became closer.
The status quo was maintained as bulls failed in their attempts to regain ground or match the highs at the end July. BTC/USD was settling at $23,800 at the time of writing.
It was realized price for Whalemap’s on-chain analytics resource Whalemap. This was now forming major levels.
Whalemap, which monitors large-volume buys and sales to determine likely solid support or resistance zones, shared a Twitter update on August 8 that highlighted different prices at which BTC supply aggregate has moved in the past.
The accompanying chart showed how BTC was last purchased by particular whales and the wallet size it was.
The Whalemap team stated in the accompanying comments that “realized price bands are the main thing providing resistance to Bitcoin currently.”
For a higher level of success, it is important to be confident in achieving a figure above $24,825 as well as consolidating.
Annotated chart showing the price ranges of Bitcoin. Source: Whalemap/Twitter
Cointelegraph reported that other levels of support and resistance are in place this week, including the 100-day moving averages (MAs) and the 200-week MAs.
Credible Crypto, a popular trader, could experience a deeper retracement. It may be as low as $23,360 and not disrupt the low-timeframe trend.
Front surpassed local demand and took the green route with a break from our red region. However, I am not convinced that the ltf correctional structure is perfect. You can see more PA development. We will also be on the road so we won’t be around as much for the next few days. $BTC https://t.co/F41n8JAWqO pic.twitter.com/rhZRPpMRsR
CrediBULL Crypto (@CredibleCrypto August 8, 2022
Crypto Tony, a fellow trader, added that “Looking for the flip into support to one more macro push-up to send it,” as part of an optimistic view on the range high.
Inflation figures Wednesday have not moved the markets.
Potent volatility was meanwhile on traders’ radar. The upcoming U.S. inflation data due Aug. 10, which is high on traders’ list of market triggers, is high on their watchlist.
Related: Is US inflation at its peak? Five things you need to know about Bitcoin this week
The first trading day of week saw little concern in U.S. stocks, with the S&P 500 closing flat and the Nasdaq Composite Index showing slight gains of 0.4%.
In the past, I have suggested that the Chinese CSI 300 could be leading #crypto and the American stock market. Be aware that the current crypto rally could retrace a lot since the S&P 500 is now close to resistance pic.twitter.com/uv5tUESPNK
— BTCfuel (@BTCfuel) August 8, 2022
Popular Twitter account BTCfuel voiced concern in a new analysis of global macro. It warned that losses in China could still precede a U.S. copycat move, which would put fresh pressure on crypto markets highly-correlated.
Cointelegraph noted that Tesla CEO Elon Musk felt that inflation was slowing down and that commodities were falling.
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