Bitcoin Price Retests Key $22.8,000 As Metric Points For 'BTC Buy Madness'
Bullish BTC prices fail to lift the market as the week progresses, but buyer interest is giving momentum hope.
Market Update
Bitcoin (BTC) returned to base on August 4 as higher levels gave way to a battle for the 200-week moving average (MA).
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed BTC/USD falling to repeatedly test the key bear market trendline as support.
The day's Wall Street open brought only a brief change in mood, with the pair surging above $23,000 before continuing its prior behavior.
The atmosphere remained unchanged following news that investment giant BlackRock had partnered with major exchange Coinbase to provide crypto exchanges to clients.
Instead, the familiar status quo involving the 200-week MA just above $22,800 has entered another chapter, with bulls and bears still vying for control. On-chain analysis resource Material Indicators noted that an active whale class on the world's largest exchange, Binance, was in a riskier mood that day.
"The purple whale class has historically had the most influence on Bitcoin price action," he wrote on Twitter alongside a chart of Binance's order book data.
"Interesting to see them throwing themselves into other classes pumping."
BTC/USD buy and sell.. .
Bullish BTC prices fail to lift the market as the week progresses, but buyer interest is giving momentum hope.
Market Update
Bitcoin (BTC) returned to base on August 4 as higher levels gave way to a battle for the 200-week moving average (MA).
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed BTC/USD falling to repeatedly test the key bear market trendline as support.
The day's Wall Street open brought only a brief change in mood, with the pair surging above $23,000 before continuing its prior behavior.
The atmosphere remained unchanged following news that investment giant BlackRock had partnered with major exchange Coinbase to provide crypto exchanges to clients.
Instead, the familiar status quo involving the 200-week MA just above $22,800 has entered another chapter, with bulls and bears still vying for control. On-chain analysis resource Material Indicators noted that an active whale class on the world's largest exchange, Binance, was in a riskier mood that day.
"The purple whale class has historically had the most influence on Bitcoin price action," he wrote on Twitter alongside a chart of Binance's order book data.
"Interesting to see them throwing themselves into other classes pumping."
BTC/USD buy and sell.. .
What's Your Reaction?
