Bitcoin (BTC<\/a>) consolidated at a key flip zone on Aug. 9 as BTC price strength staged a sudden return.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/USD trading near $29,800 after a surge during the previous day\u2019s Wall Street trading hours.<\/p>\n That followed a recovery from local lows under $28,700<\/a>\u00a0and topped out only after a trip to $30,210 \u2014 Bitcoin\u2019s highest August price so far.<\/p>\n The rapid change in mood soon impacted market participants\u2019 expectations for the market. <\/p>\n \u201cThat indeed was the higher low, Bitcoin continues to maintain a bullish market structure,\u201d popular trader Jelle said in part of an X post about the sub-$28,000 run.<\/p>\n \u201cNeeds to break $32,000 from here, let\u2019s see if this bounce has any legs.\u201d<\/p><\/blockquote>\n That indeed was the higher low, #Bitcoin<\/a> continues to maintain a bullish market structure.<\/p>\n Needs to break $32,000 from here, let’s see if this bounce has any legs.<\/p>\n What are we thinking boys? https:\/\/t.co\/dDi723NBhY<\/a> pic.twitter.com\/zEDOCTJhW6<\/a><\/p>\n \u2014 Jelle (@CryptoJelleNL) August 9, 2023<\/a><\/p><\/blockquote>\n Jelle additionally noted that on one-day timeframes, BTC\/USD had completed a bullish cross on the moving average convergence\/divergence indicator.<\/p>\n \u201cAnother item we can add to the list of bullish signals,\u201d he commented after a similar one-month move at the end of July<\/a>.<\/p>\n The day prior, Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, meanwhile, stressed the significance of $29,700.<\/p>\n \u201cBitcoin party starts when we break $29,700. Until then it\u2019s just consolidation,\u201d part of the day\u2019s analysis argued<\/a>, with van de Poppe subsequently adding<\/a> that Bitcoin was close to doing so.<\/p>\n Continuing, popular trader and analyst Rekt Capital remained cool on the implications for BTC price strength on weekly timeframes.<\/p>\n \u201cBTC is pressing beyond the ~$29250 level (black) which is positive. But historically, we\u2019ve seeing upside wicking beyond this level to the ~$29900-$30100 resistance area,\u201d he wrote<\/a> alongside a chart showing relevant features. <\/p>\n \u201cThis time so far, BTC has upside wicked to ~$30200. Bearish is the rejection is strong enough to push price down below ~$29250 and Weekly Close below there. However, if BTC would be able to dip into ~$29250 and hold it as support, that would be a more bullish price development.\u201d<\/p><\/blockquote>\n Analyzing the impetus for the spike higher, observers soon noted increased buying among various classes of Bitcoin whales.<\/p>\n Related:\u00a0Bitcoin price can go \u2018full bull\u2019 next month if 200-week trendline stays<\/a><\/em><\/strong><\/p>\n #FireCharts<\/a> 2.0(beta) shows the moment Purple Whales decided to convert a $20M #BTC<\/a> bid ladder into market orders that started this rally yesterday. Purple continued buying upwards of $50M so far, meanwhile, a Brown Mega Whale just joined the party with a $2M market buy order as\u2026 pic.twitter.com\/v1HM1QcR97<\/a><\/p>\n \u2014 Material Indicators (@MI_Algos) August 8, 2023<\/a><\/p><\/blockquote>\n Popular trader Skew kept an eye on derivatives markets, covering the push-pull between bulls and bears ongoing at the time of writing.<\/p>\n Shorts giving up already? <\/p>\n This bounce here on LTF is driven by shorts closing out on coin margin & usdt margin<\/p>\n OI down & perp delta \/ CVD up <\/p>\n letting this LTF range balance out some more$BTC<\/a><\/p>\n \u2014 Skew \u0394 (@52kskew) August 9, 2023<\/a><\/p><\/blockquote>\n Skew further noted<\/a> that whales had been using liquidity to sell BTC, adding that late longs could be \u201cchasing\u201d the market.<\/p>\n \u201cWhales require quite thick liquidity to exit or close positions & most often this is during a squeeze event,\u201d part of his latest X post stated alongside exchange data.<\/p>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-08\/839e4986-182e-47cd-94cb-f9ff1b99d963.png\")
BTC price toys with $29,700 \u201cparty\u201d level<\/h2>\n
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Bitcoin whales get active<\/h2>\n
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