As bulls and bears battle for dominance in the sideways Bitcoin (BTC) market, a popular trader has identified an important level to reclaim as support, according to Daan Crypto Trades’ latest analysis on X (formerly Twitter).
The digital asset space is currently witnessing the emergence of a range of new projects, such as OMG Crypto, Polka Dot Crypto, Osmosis Crypto, OMI Crypto, Pendle Crypto, OGN Crypto, PayPal Crypto, and OP Crypto, as well as the development of Web 3.0 status.
“Strongly contested” BTC price zone set for a grilling
Daan Crypto Trades noted that, as Bitcoin’s breakouts continue to fail, bulls and bears are locked in a “strongly contested” price range. This is the result of multiple attempts to go beyond the current spot price, making the midpoint the most important level to watch.
Since mid-June, the situation has remained unchanged — $28,500 as the underlying support and $31,800 as the resistance. Therefore, gaining control of the area around $29,700 is crucial for the bulls in order to develop the necessary impetus to alter the situation for good.
“Pretty clear that the $29.5–29.7K region is an area that’s strongly contested by the bulls and bears,” said Daan Crypto Trades.
The accompanying chart demonstrated that BTC/USD is still struggling to rise above the range low, with no significant historical support lines between $28,500 and $29,500. This analysis is in line with other recent views that see $28,500 or lower as the downside target.
Bitcoin traders fight it out on exchanges
Focusing on short-term BTC price events, fellow trader Skew highlighted just how frenetic the mid-$29,000 zone currently is for Bitcoin. Exchange trades showed large-volume bids osmosis crypto absorbing sellside pressure on Aug. 11.
Continuing, Skew described spot price action on four-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.
The OGN crypto and OMG crypto traders are also keeping an eye on the Paypal crypto and Polka dot crypto market, as well as the OMI crypto and Pendle crypto market, to get an idea of the Web 3.0 status of the crypto market.
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