Bitcoin realized price bands form key resistance as bulls lose $24K
Bitcoin (BTC) consolidated lower on August 9 after familiar resistance preserved a multi-month trading range.
Bitcoin navigates the price ladder on whales
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD fell below the $24,000 mark overnight after rejecting near $24,200.
The pair had seen rapid gains at the start of the week, but momentum slowed as the top of the trading range in place since mid-June approached.
As such, bulls failed to regain new ground or even match the highs seen in late July, and thus the status quo continued. At the time of writing, BTC/USD was consolidating near $23,800.
For the chain analysis resource Whalemap, price was realized which now formed major levels to overcome.
In a Twitter update on August 8, Whalemap, which monitors the buying and selling of major players to establish likely solid support and resistance zones, highlighted different prices that the BTC supply on aggregate last moved to.
An accompanying chart broke down realized price by wallet size and showed at what price BTC belonging to particular whales last left the wallet.
“Realized price bands are the main thing providing resistance for Bitcoin at the moment,” the Whalemap team wrote in accompanying comments:
“Getting safely above $24,825 and consolidating should be key for a continuation higher.”
As Cointelegraph reported, other support and resistance levels in play this week include the 100-day and 200-week moving averages (MA).
For popular trader Credible Crypto, a deeper retracement could happen and could involve as low as $23,360 without disrupting even the low timeframe trend.
Front drove local demand and followed the green path with a break in our red region. That said, I’m not entirely convinced that this ltf correcting structure is complete. Want to see more PA develop. Also going to travel so won’t be as active for the next few days! $BTC pic.twitter.com/rhZRPpMRsR
— CrediBULL Crypto (@CredibleCrypto) August 8, 2022
“Looking for that flip-in support for another macro push-up to send it,” Crypto Tony chimed in added partly as a more optimistic view of the range high.
The markets are unmoved by the inflation figures on Wednesday
Potential volatility, meanwhile, remained on the radar, with upcoming US inflation data due on August 10 high on traders’ list of market triggers to watch.
Related: Has US Inflation Peaked? 5 things to know in Bitcoin this week
However, US stocks had shown little sign of concern on the first trading day of the week, with the S&P 500 ending flat and the Nasdaq Composite Index up a small 0.4%.
I have previously pointed out that the China CSI 300 is possibly front-running #crypto and the US stock markets. Be aware that the current crypto rally could bounce back a lot as the S&P 500 is now near resistance ☝️ pic.twitter.com/uv5tUESPNK
— BTCfuel (@BTCfuel) August 8, 2022
In a recent analysis of global macro, the popular Twitter account BTCfuel nevertheless expressed caution. Losses in China, it warned, could nevertheless precede a US copycat move in what would put fresh pressure on highly correlated crypto markets.
On inflation, opinions were also mixed, with Cointelegraph noting that Tesla CEO Elon Musk already felt price increases slowing along with falling commodities.
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trade involves risk, you should do your own research when making a decision.
