Bitcoin (BTC) consolidated lower on August 9 after known resistance preserved a multi-month trading range.
Data from Cointelegraph Markets Pro and TradingView showed that The BTC/USD pair dipped below the $24,000 mark overnight after rejecting the mark near $24,200.
The pair had seen quick gains to start the week, but the momentum faded as the top of the trading range in place since mid-June approached.
Therefore, the bulls failed to regain ground, or even match the highs seen in late July, so the status quo continued. At the time of writing, the BTC/USD pair was consolidating near $23,800.
For the Whalemap on-chain analysis resource, the realized price was the one that was now forming important levels to overcome.
In a twitter update from August 8, Whalemap, which monitors the buying and selling of high-volume players to establish likely strong support and resistance zones, highlighted several prices where BTC supply as a whole last moved.
An accompanying chart broke down realized price by wallet size and showed at what price the BTC belonging to certain whales left their wallets.
“Realized price bands are the main thing providing resistance for bitcoin currently,” the Whalemap team wrote. in the comments accompanying the article.
“Confidently breaking above $24.825 and consolidating should be key for a continuation to the upside.”
As Cointelegraph reported, Other support and resistance levels in play this week include the 100-day and 200-week moving averages (MAs).
For popular trader Credible Crypto, a deeper pullback could follow, and could imply as much as $23,360 without even interrupting the trend of the low time frame.
Front ran local demand and followed the green path with a break of our red region. That being said, not totally convinced that this ltf corrective structure is complete. Want to see more PA develop. Also will be traveling so won’t be as active for the next few days! $BTC https://t.co/F41n8JAWqO pic.twitter.com/rhZRPpMRsR
— CrediBULL Crypto (@CredibleCrypto) August 8, 2022
The front ran local demand and followed the green path with a breakout of our red region. That said, I am not entirely convinced that this long-term corrective structure is complete. I want to see more PA develop. I’ll be traveling too so I won’t be as active for the next few days! #BTC
“I expect that flip at support to happen for another macro push to the upside to send it off,” added Crypto Tony as part of a more optimistic rhetoric relative to the high range.
Markets undeterred by Wednesday’s inflation figures
Potential volatility remained on the radar, and data on inflation in the United States, due to be published on August 10, is at the top of the list of market triggers.
Nevertheless, US stocks showed few signs of concern on the first trading day of the week, as the S&P 500 finished flat and the Nasdaq Composite Index posted slight gains of 0.4%.
I have pointed out in the past that China CSI 300 is possibly frontrunning #crypto and the American stock markets. Be aware that the current crypto rally could retrace a lot since the S&P 500 is now close to resistance ☝️ pic.twitter.com/uv5tUESPNK
— BTCfuel (@BTCfuel) August 8, 2022
I have noted in the past that China’s CSI 300 is possibly ahead of crypto and US stock markets. Beware that the current cryptocurrency rally could go back a lot, since the S&P 500 is close to resistance ☝️
However, in a new analysis of the global macroeconomy, the popular BTCfuel Twitter account was cautious. Losses in China, she warned, could precede a copycat move in the United States, putting new pressure on closely related cryptocurrency markets.
As for inflation, opinions were also mixed, and Cointelegraph noted that Tesla CEO, Elon Musk already considered that the increase in prices was slowing down along with the decline in raw materials.
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