Bitcoin (BTC) further ground down volatility into Aug. 12 as “astonishing” BTC price action stayed in place.
Bitcoin: “Classic weekend chop” expected
Data from Cointelegraph Markets Pro and TradingView followed a flat Bitcoin trading environment as the weekend began.
After displaying only muted reactions to the week’s United States macroeconomic data prints, BTC/USD held firm near $29,500 — a key battleground between bulls and bears.
“Expecting just another classic weekend chop around the CME close price,” popular trader Daan Crypto Trades wrote in part of his latest analysis, referencing the closing price of CME Bitcoin futures markets at $29,465.
The lack of movement throughout the week meanwhile surprised longtime market participants, including Michaël van de Poppe, founder and CEO of trading firm Eight.
“Extremely astonishing PA on Bitcoin lately,” he summarized on the day.
“I’m still favouring upwards momentum to come and I think we’ve bottomed + are not getting that heavy correction. If we lose $29K however, then I’ll be a buyer at $28.2K. Flip $29.7K = party time.”
Investigating exchanges, Maartunn, a contributor to on-chain analytics platform CryptoQuant, eyed long…
