Bitcoin (BTC) faces a new battleground as bulls and bears fight for control of a sideways market, one popular trader says.
In part of his latest X analysis on Aug. 11, Daan Crypto Trades flagged a key level to reclaim as BTC price support.
“Strongly contested” BTC price zone set for a grilling
With BTC price breakouts continually failing, both Bitcoin bulls and bears are caught in a “strongly contested” range, Daan Crypto Trades summarized.
This is the culmination of various trips above and below current spot price, making the midpoint the level to watch next.
The status quo has essentially remained the same since mid-June — $28,500 as fundamental support, $31,800 as resistance.
Gaining control of the area around $29,700 is thus an essential move if bulls are to build the necessary momentum to change the landscape for good.
“Pretty clear that the $29.5-29.7K region is an area that’s strongly contested by the bulls and bears,” Daan Crypto Trades wrote.
“It’s an important area to keep watching.”
An accompanying chart showed BTC/USD nonetheless fighting to return above the range low, with little significant historical support lines between $28,500 and $29,500.
The analysis thus ties in with other perspectives from recent weeks, these likewise focusing on $28,500 or slightly lower as a downside target.
Bitcoin traders fight it out on exchanges
Focusing on short-term BTC price events, meanwhile, fellow trader Skew highlighted just how frenetic the mid-$29,000 zone currently is for Bitcoin.
Related: Bitcoin risks 15% dip by October, but $100K is due in 2026 — Analysis
Exchange trades showed large-volume bids absorbing sellside pressure on Aug. 11.
$BTC
and now they’re puking the bag lol https://t.co/XkGxu5OsEf pic.twitter.com/fpqf5PmzIC— Skew Δ (@52kskew) August 11, 2023
Continuing, Skew described spot price action on 4-hour timeframes as “weak” despite holding above various exponential moving averages (EMAs).
“Tight price compression here, likely a 5% + price reaction is coming from here,” he added.
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.