Bitcoin, markets targeted $60,000 again on August 29 after a new wave of sudden sales. Data from TradingView showed Bitcoin’s price action reached a two-week low of $57,900 on Bitstamp before recovering. The BTC/USD pair came under pressure the previous day, with market participants attributing the weakness to spot sales on the global exchange Binance.
What’s Happening on the Bitcoin Front?
Binance, got involved in discussions about users’ funds in Palestine, with a notable increase in sales during US trading hours. Data from blockchain analytics platform CoinGlass showed a sudden drop of 45,000 Bitcoins in Binance’s Bitcoin balance.
Michael van de Poppe, founder and CEO of trading company MNTrading, predicted a decline to $56,000 and argued that the loss of the $61,000 level in lower time frames was critical.
More encouraging signs came from large-volume investors, with blockchain analytics platform Lookonchain highlighting a whale purchase worth approximately $60 million.
Santiment previously noted that buying the dip around $59,000 was already entirely suitable for whale and shark holding groups. The Santiment team shared the following on X:
“In the past month, wallets holding 10-10,000 Bitcoins have accumulated more than 133,300 tokens, while smaller investors continue to impatiently leave their assets to them.”
Famous Analyst Comments on Bitcoin
For popular investor and analyst Rekt Capital, the BTC/USD pair maintained a weekly consolidation pattern within a narrowing wedge and seemed ripe for a breakout. The famous analyst shared the following with a chart during the day:
“Bitcoin indeed developed a higher low (light blue) and stayed above the weekly level (black; $55,737). Moreover, Bitcoin has since formed a base at an even higher weekly level ($58,000) which has acted as combined support this week. This combined support is currently being retested.”
