Bitcoin Shrinks, Australian Whales Are Loading Up: Will Bears Win?

Dalmas Ngetich•Friday, August 30, 2024•2 min read

Bitcoin is firm at press time but under pressure considering the sell-off yesterday. There were hints of strength, but bulls failed to follow through. The result is an inverted hammer that swings price action in favor of sellers. For the trend to shift and buyers to take control of events, there must be a decisive close above $66,000. In that event, prices could drift higher in continuation of gains seen in the first half of July. Before then, risk-averse traders can stay on the sidelines, waiting for a clean trend definition in either direction.

When writing, the world’s most valuable coin is consolidating within a narrow range. Though there were pockets of strength, the coin is now steady in the past day and week. At the same time, the average trading volume is low, at around $33 billion. Unless otherwise there is a surge in either direction, engagement will rise. Before then, traders are cautious, protecting their bottom lines.

Bitcoin Daily Chart for August 30

The following Bitcoin trending news are worth tracking:

Bitcoin is bearish, and whale movements don’t support bulls. Over the past few days, long-term holders have been moving their coins. The more they shift, the more bearish it is.
While there were outflows in the United States, there is sustained buying in spot Bitcoin ETF offered by Australian issuers. Since they all draw from the same pot, this is bullish and might support prices.

Bitcoin Price Analysis

BTC/USD is falling at press time.

With prices moving inside a narrow range, defined by the bear bar of August 27, sellers have the upper hand.

Aggressive, risk-off traders can consider shorts on every attempt higher below $65,000.

The first target would be $56,500.

However, if sellers are relentless, the next stop would be $49,000 or August 2024 lows.

Assuming there is a rapid shift in trend, lifting sentiment, a close above $66,000 will cancel out this bearish outlook. Ideally, the leg up should be with rising trading volume.

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