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After a relatively calm weekend, Bitcoin’s price movement remained steady on August 12 during early Asian trading sessions and part of the European session, trading between $58,130 and $59,000. The price then suddenly surged from $58,140 to $60,000 in less than two hours, only to quickly give back all these gains just before the start of the New York session.
Popular Analysts Comment
At the time of writing, Bitcoin is trading 2% below its daily high of $60,244, continuing its volatile trend. Popular analyst Jelle mentioned in a post on X on August 12 that lower time frames are everywhere. However, Jelle noted that the price is in the middle of a consolidation on the weekly time frame:
“The weekly chart tells a different story. 165-day cycle mid-consolidation. This cycle is not over.”
Fellow analyst Crypto Rover acknowledged that August 12 was a roller coaster for investors by sharing Bitcoin price action on the five-minute time frame:
“There was a big surge in Bitcoin last week.”
MN Capital founder Michael van de Poppe shared the following comments on X regarding the latest Bitcoin analysis:
“I would like to see a break of $60,000. If this happens, I am confident we will see a new all-time high in September/October.”
What’s Happening in the Futures Market?
A sharp move in the Bitcoin futures market seems to have caused Bitcoin’s price volatility in the last 12 hours. The timing of short liquidations coincided with the sharp increase in the leading cryptocurrency’s price. Data from Coinglass shows that more than $20.16 million worth of Bitcoin short positions were liquidated in the last 12 hours. Total liquidations in the crypto market reached $112.20 million, with $61.84 million being short liquidations during the same period.
Typically, short liquidations occur when the price of the traded asset suddenly rises. This is because investors who are bearish on the asset and open short positions face losses when the market suddenly moves upwards in the last few hours.
According to data from blockchain data provider CryptoQuant, the number of Bitcoins transferred to exchanges rose from 9,132 Bitcoins on August 11 to 21,278 Bitcoins on August 12. An increase in inflows to the exchange for a particular asset indicates increased selling pressure in the market. As the number of Bitcoins sent to known exchange wallets increases, it appears that investors are taking profits at current prices, explaining the current volatility in Bitcoin’s price.
