Bitcoin (BTC) consolidated lower on August 9 after experiencing resistance preserving a multi-month trading range.
Bitcoin Joins the Whale Price Ladder
Data from Cointelegraph Markets Pro and TradingView showed that the BTC/USD pair broke below $24,000 overnight, after failing to break above $24,200.
Both had made quick gains earlier in the week, but the momentum faded as the top of the trading range that had been in place since mid-June.
Thus, the bulls failed to regain ground or even match the highs reached in late July, so the status quo continued. At the time of writing, BTC/USD is consolidating near $23,800.
With Analytical Resource on a chain Whalemap is the realized price that is now in great levels to overcome.
In an August 8 Twitter update, Whalemap, which monitors the buying and selling of high-volume players to establish likely strong support and resistance areas, highlighted different prices at which the entire supply of BTC has moved.
A chart accompanying the Tweet breaks down the realized price by wallet size and shows what price BTC went to for individual whales that left their wallets.
“Realized price bands are currently the main resistance factor for bitcoin,” the Whalemap team wrote in the comments:
“Confidential crossing above $24,825 and consolidation should be critical to continue the downside.”
As reported by Cointelegraph, other support and resistance levels in play this week include a moving average (Mobile Media or MA) of 100 days and 200 weeks.
For popular trader Credible Crypto, it could happen deeper and could mean as low as $23,360 without even disturbing the low time scale trend.
Local demand started and followed the green path to break into our red region. That said, it’s not entirely certain that this ltf correction structure is complete. Looking to develop more PA. You will also be traveling so you will not be as active for the next few days! $BTC https://t.co/F41n8JAWqO pic.twitter.com/rhZRPpMRsR
— CrediBULL Crypto (@CredibleCrypto) August 8, 2022
The front faced local demand and followed the green path to break out of our red region. That said, I’m not entirely sure that this correction structure is complete. We want to see more CP grow. I will also be traveling and will be less active for the next few days! $BTC https://t.co/F41n8JAWqO pic.twitter.com/rhZRPpMRsR — CrediBULL Crypto (@CredibleCrypto) August 8, 2022
“We are waiting for this reversal towards support for a new macro push to the other side,” he said. added another trader, Crypto Tony, in a more bullish analysis of the top of the range.
Markets were unaffected by Wednesday’s inflation figures
Potential volatility remained on the radar, and the upcoming US inflation data, due on August 10, remained high on the list of market triggers to watch.
Also read: Has US Inflation Peaked? 5 things to know about bitcoin this week
US equities, however, showed few signs of concern on the first trading day of the week, with the S&P 500 finishing flat and the Nasdaq Composite Index posting modest gains of 0.4%.
I have said in the past that China has a CSI 300 lead #crypto and the American stock markets. Be aware that the current crypto rally could reverse quite a bit as the S&P 500 is now close to resistance ☝️ pic.twitter.com/uv5tUESPNK
— BTCfuel (@BTCfuel) August 8, 2022
I’ve said in the past that China’s CSI 300 may be outperforming the #crypto and US stock markets. Be aware that the current cryptocurrency rally could reverse quite a bit as the S&P 500 is now near resistance ☝️ pic.twitter.com/uv5tUESPNK. — BTCfuel (@BTCfuel) August 8, 2022
In a new analysis of the global macro economy, the popular Twitter account BTCfuel nevertheless expressed a warning. Losses in China, he warned, could yet precede a copycat move in the United States, which would put additional pressure on highly correlated cryptocurrency markets.
On inflation, views were also mixed, with Cointelegraph noting that Tesla CEO Elon Musk already believed rising prices were slowing alongside falling commodities.
The views and opinions expressed herein are solely those of the author and do not necessarily reflect those of Cointelegraph.com. All investments and transactions involve risk. You should do your own research before making a decision.