Bitcoin moves up the whale price ladder
Data from Cointelegraph Markets Pro and TradingView showed the BTC/USD pair dropping below $24,000 overnight after rejecting near $24,200.
The pair saw quick gains at the start of the week but the momentum faded as the top of the trading range in effect since mid-June approaches the top.
As such, the bulls failed to regain new ground or even match the heights seen at the end of July, and thus the status quo persisted. At the time of writing, BTC/USD is consolidating near $23,800.
For the on-chain analytics resource Whalemap, price recognition that was now key levels to beat was recognized.
In an update on Twitter on August 8, Whalemap, which monitors the buying and selling of high-volume players to create potentially strong support and resistance areas, highlights the various prices at which the overall BTC supply has moved.
The accompanying chart breaks down the realized price by wallet size and shows the price that BTC belonging to certain whales left in their last wallet.
“Validated price ranges are the main thing currently providing Bitcoin resistance,” the Whalemap team wrote in the accompanying comments:
“A consolidation with confidence above $24,825 and consolidation should be key to the continuation of the rally.”
Bitcoin realized illustrative price ranges chart. Source: Whalemap / Twitter
As reported by Cointelegraph, other support and resistance levels for this week include the 100-day and 200-week moving averages (MAs).
For the popular Credible Crypto trader, a deeper bounce could occur and could involve as much as $23,360 without disturbing even the lower time frame trend.
Fellow Crypto trader Tony added in a bit of a more upbeat look at the high range: “I’m looking for that face in support of another macro push to send.”
Markets were unaffected by Wednesday’s inflation figures
Meanwhile, potential volatility remained on the radar, with US inflation data due, set to be the highest on August 10 on traders’ list of market stimuli to watch.
Related Topics: Has US Inflation Peaked? 5 things to know about bitcoin this week
US stocks showed few signs of concern on the first trading day of the week, however, with the S&P 500 closing flat and the Nasdaq Composite seeing a slight 0.4% gain.