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Bitcoin (BTC) bulls were rejected at the price level of $30,200 on August 8th. Despite trading stagnant at $29,400 over the weekend, the price has since moved downwards. The highest and lowest levels of Monday were likely to form a range that short-term investors could monitor throughout the next week.
There were sell orders at the levels of $30,200 and $29,800. Below, the lowest levels in recent times presented an attractive area in terms of liquidity. Higher time frame BTC price charts indicated that $28,400 was critical for the bulls’ defense.
What Will Happen to the Bitcoin Price?
Over the past three weeks, Bitcoin has traded between $28,800 and $29,800. It only reached $30,200 once, but the bulls couldn’t sustain their gains. The RSI on the 2-hour chart showed a downward momentum since August 9th. The indicator climbed above the neutral 50 in recent hours, indicating a potential change in short-term sensitivity.
This situation was also supported by volume indicators. The CMF climbed to +0.24, highlighting significant capital inflows into the market. The A/D indicator also rose upwards to underline the increase in buying volume. Therefore, an upward movement was possible. The sell orders (red box) on the 4-hour chart have not yet been converted into support. Therefore, investors looking for buying opportunities may expect a move towards $28,400 and $28,800.
Who Are the Ones Running Away from Bitcoin?
A selling wave was observed in BTC, causing it to drop to $29,100 in the early hours of Monday, August 14th. Bitcoin bulls regained the level they were at before the drop within a few hours. However, this bounce was accompanied by a decrease in Open Interest.
This indicated that speculators with short positions may have closed these positions during the drop in profits. It also showed that the sensitivity remained on a downward trend due to the absence of bidders during the minor recovery. Spot CVD also moved further downwards.
Investors may seek opportunities at both ends of the range that lasted for about a month. However, a drop below $28,400 could result in further losses. The next support levels to watch could be $27,300 and $25,500.
