Bitcoin retargeted $60,000 on Aug. 29 after as markets emerged from a fresh bout of impulse selling.
Binance sheds 45,000 BTC
Data from Cointelegraph Markets Pro and TradingView showed that Bitcoin’s (BTC) price action matched a two-week low of $57,900 on Bitstamp before rebounding.
BTC/USD came under pressure the day prior, with market participants attributing weakness to spot selling on largest global exchange Binance.
The exchange became involved in a controversy involving funds by users in Palestine, with United States trading hours, in particular, seeing a pronounced spike in the sell-off.
Data from monitoring resource CoinGlass recorded a snap 45,000 BTC decrease in Binance’s BTC balance.
Michaël van de Poppe, founder and CEO of trading firm MNTrading, thus predicted a retreat to as low as $56,000, arguing that the loss of the $61,000 mark on lower timeframes was “crucial.”
More encouraging signs came from large-volume investors, with analytics platform Lookonchain highlighting a whale buy worth nearly $60 million.
At around $59,000, research Santiment noted previously, buying the dip was already “just fine” for the whale and shark hodler cohorts.
“Over the past month, wallets with 10-10K BTC have collectively accumulated 133.3K more coins while smaller traders continue to impatiently drop their holdings to them,” it revealed in part of a post on X.
Bitcoin retests long-term “confluent support”
For popular trader and analyst Rekt Capital, BTC/USD continued a weekly consolidation pattern within a narrowing wedge, looking ripe for a breakout.
Related: Bitcoin price at 11x S&P 500 signals BTC is ‘rolling over’ — Analyst
“Bitcoin has indeed developed a Higher Low (light blue) and maintained itself above the Weekly level (black; $55737),” he explained alongside a chart on the day.
“More, Bitcoin has since formed a base at an even higher Weekly level (~$58,000) which is acting as confluent support this week. This confluent support is being retested as we speak.”
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