Bitcoin (BTC) remained strictly range bound on August 24 as buyers and sellers attempted to cause a breakout.
A reduction in spot prices is coming
Data from Cointelegraph Markets Pro and TradingView showed the BTC/USD pair hovering around $21,500 at the open on Wall Street.
The pair had seen little action in the previous 24 hours, entering day five of sideways movement within an increasingly tight range.
Order book data from major exchange Binance uploaded to social media by on-chain monitoring resource Material Indicators they implied that the status quo was frustrating exchange users, including whales.
At the time of writing this article, offers were nearing the spot price, while seller interest rose to $21,600.
The result could be volatility, as liquidity reduces the range in which the BTC/USD pair floats, either up or down, depending on whether buyers or sellers win.
“Not much has really changed since yesterday, still looking for that downswing to take out the swing lows, followed by a wave of relief”, said popular Crypto trader Tony to his Twitter followers in an update of the day.
His Crypto colleague Ed, meanwhile, said he was “not convinced” of the strength of the bounce from the weekend lows around $20,800.
In his latest YouTube video, he highlighted potential market entry levels between those lows and the current point with an eye toward a retest. Before that, he added, Bitcoin could revisit the highs of the range just above $22,000.
The dollar returns to approach its peaks of two decades
Equities, meanwhile, added to the feeling that a resurgence in risky assets could characterize the day.
The S&P 500 and the Nasdaq Composite Index rose at the open on Wall Street, leading Cointelegraph contributor Michaël van de Poppe to look at the knock-on effects of the BTC/USD pair.
#Nasdaq bouncing upwards, while #bitcoin looks primed for a break above $21.5K.
— Michael van de Poppe (@CryptoMichNL) August 24, 2022
Nasdaq Bounces Higher While Bitcoin Looks Poised to Break Above $21,500
The popular Game of Trades Twitter account provided a long-term bullish view for US equities, noting that 90% of S&P 500 stocks were now above their 50-day moving average.
“This reading has presented investors with amazing returns over 6-12 months. Recharge your batteries”, advised to his followers.
A possible headwind came in the form of the US dollar. After falling sharply on the US manufacturing data, the dollar index (DXY) reversed its losses on the day, heading back towards new twenty-year highs.
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