Bitcoin Hits Bottom Despite 'Amazing' BTC Price Action - Analyst

Bitcoin should offer nothing but the "classic weekend cut", signs of change on BTC price charts keep coming.

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Bitcoin (BTC) further reduced volatility through August 12, as BTC's "amazing" price action remained in place.

BTC/USD hourly chart. Source: TradingView

Bitcoin: 'Weekend Classic Cut' Expected

Data from Cointelegraph Markets Pro and TradingView tracked a flat Bitcoin trading environment at the start of the weekend.

After posting only muted reactions to printouts of US macro data for the week, BTC/USD remained firm near $29,500 – a key battleground between bulls and bears.

“Expecting another classic weekend chop around the CME closing price,” popular trader Daan Crypto Trades wrote in part of his latest analysis, referring to the markets closing price. CME Bitcoin futures at $29,465.

BTC/USD annotated chart. Source: Daan Crypto Trades/X

The lack of movement throughout the week surprised long-time market participants, including Michaël van de Poppe, founder and CEO of the company trading Eight.

“Extremely amazing P...