- On August 1, BTC briefly surpassed $30,000.
- While accumulation continued, key momentum indicators showed it was weak.
A surge in bitcoin [BTC] The trading volume saw the leading coin briefly break its psychological price level of $30,000 during the intraday trading session on Aug. 1.
π #Bitcoin has broken above $30,000 again, with support from the many traders who have capitulated over the past week of price declines. Volume is increasing in early August and this psychological resistance could turn sentiment to the upside. https://t.co/CwMGA9yxgF pic.twitter.com/0pGaM6PJSd
β Santiment (@santimentfeed) August 2, 2023
Read Bitcoins [BTC] Price prediction 2023-2024
BTC trading volume surged to a six-week high on Aug. 1, according to on-chain data provider Santiment. The surge in trading volume was due to traders re-entering the market who had capitulated over the past few weeks as BTC’s value plummeted.
Should BTC Holders Expect More?
As data from Santiment showed, BTC whales took advantage of the coinβs temporary price surge. The on-chain assessment of BTC whale trading activity over the past 24 hours revealed an increase in the number of whale transactions that surpassed $100,000.
According to Santiment, as of Aug. 1, BTC recorded 10,050 transactions worth over $100,000. This was the highest daily number since July 26.
Source: Santiment
A corresponding increase in the number of whale transactions when an asset’s price rises is taken as a bullish signal, as a sustained increase in whale transactions can help boost the value of that asset.
The ratio of BTC transaction volume in profit to loss also climbed to its highest daily since July 24. At press time, this value stood at 1.457, suggesting that BTC holders were seeing more gains than losses on their transactions.
Source: Santiment
Additionally, the coinβs funding rates remained positive across all exchanges. Positive BTC funding rates suggest that long positions are paying short positions to hold their positions. This is typically taken as a bullish signal as it suggests that there is more buying pressure than selling pressure in the market.
Source: Santiment
Although the price of BTC is now down to $29,596 at press time, data is available from CoinMarketCap announced a price increase of 2% in the last 24 hours.
How much is 1.10.100 BTC today?
Continue to proceed with caution
Looking at BTC’s price action on a 12-hour chart showed that most day traders remained cautious despite the brief price jump. While the pressure on accumulation momentum increased, the positions of the main momentum indicators suggested that it was not strong enough.
At press time, the coin’s Relative Strength Index (RSI) was below its midline at 48.27. Likewise, the Money Flow Index (MFI) was 40.07. As these indicators were flat at the time of writing, continued accumulation cannot support further price advance.
Source: BTC/USDT on Trading View
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