After maintaining a multi-month trading range following familiar resistance, bitcoin (BTC) consolidated lower on August 9.
Bitcoin whales navigate the price ladder
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD fell under $24,000 overnight after rejection near $24,200.
The pair had seen bullish gains to start the week but the momentum has faded as the top of the trading range nears mid-June.
As such, the bulls failed to reclaim new ground or match the heights seen in late July, and thus the status quo continued. At the time of writing, BTC/USD was consolidating near $23,800.
For Whalemap, an on-chain analytics resource, it was the felt value that was now building to key levels to overcome.
one in twitter update On August 8th, Whalemap, which monitors the buying and selling of large volumes of players to establish potential solid support and resistance zones, highlighted the various prices at which the overall BTC supply last moved.
The attached chart breaks down the actual value by wallet size and shows the price at which BTC belonging to a particular whale left their wallet.
“The main thing currently providing resistance for bitcoin are the actual price bands,” the Whalemap team wrote in an accompanying commentary.
“With confidence a rise above $24,825 and consolidation higher should be key for continuation.”
As Cointelegraph reported, other support and resistance levels in play this week include the 100-day and 200-week moving averages (MAs).
For the popular trader Credible Crypto, a deeper retracement could occur, and could involve as little as $23,360 without interrupting the shorter-term trend.
The Morcha followed the local demand and broke our red zone and followed the green path. That being said, not entirely sure that this LTF corrective structure is complete. Would like to see more PAs develop. Will also travel so will not be active for the next few days! $BTC https://t.co/F41n8JAWqO pic.twitter.com/rhZRPpMRsR
– Credibull Crypto[@CredibleCrypto] 8 August 2022
“Looking for that flip in support of another macro push up to send it,” fellow trader Crypto Tony added in part of one. take more optimism at the high limit.
Markets unaffected by inflation data on Wednesday
Meanwhile, potential volatility remained on the radar, with upcoming United States inflation data triggering traders to look higher on the market list on August 10.
RELATED: Is US inflation peaking? 5 things to know about bitcoin this week
US stocks showed no signs of worry on the first trading day of the week, however, with the S&P 500 flat and the Nasdaq Composite index seeing a modest 0.4% gain.
I’ve told in the past that China CSI 300 is probably at the forefront #crypto and the US stock market. Be aware that the current crypto rally may turn back as the S&P 500 is now nearing resistance ️ pic.twitter.com/uv5tUESPNK
— BTCFuel (@BTCFuel) 8 August 2022
In the latest analysis on global macros, popular Twitter account BTCFuel nevertheless cautioned. Losses in China, it warned, may yet be preceded by a US counterfeit move that will put new pressure on highly correlated crypto markets.
In terms of inflation, opinions were also mixed, with Cointelegraph noting that Tesla CEO, Elon Musk, had already felt that price growth was slowing alongside dwindling commodities.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, so you should do your own research when making a decision.
